Health tech firm Welltok Inc has purchased Seattle health app startup Mindbloom. The financial terms of the acquisition deal were not disclosed, according to VentureBeat.
Although the value of the deal was not revealed, Welltok did say they will capitalize on Mindbloom's resources to beef up its CafeWell Health Optimization Platform. The said product allows customers to become more involved in their health and the healthcare insurance system, Denver Business Journal explained.
Welltok chairman and Chief Executive Officer (CEO) Jeff Margolis said: "To profoundly change consumers' health-related awareness, actions and behaviors for the better, we need an effective and practical platform to become ingrained in their daily lives. We were impressed by the Mindbloom team's ability to integrate behavioral science and user-centered design principles with health-related content to deliver a superior consumer experience."
Welltok uses a financial reward system to encourage patients to maintain good health practices. In April, the Denver-based firm landed a $19-million investment from Silicon Valley investors for its expansion, VentureBeat added.
Under the terms of the acquisition deal, Welltok will use Mindbloom's offices as its Seattle headquarters. The latter's most popular apps including Juice and Proof will not be shut down, the report detailed.
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