Hill-Rom Holdings has announced that it will buy Voalte for $180 million, with up to an additional $15 million in payments related to commercial milestones.
Voalte, founded in 2008 in Florida, is a mobile healthcare company. Its annual revenue of $40 million reflects a communications platform connecting 220,000 caregivers.
“Interoperability and connectivity have become critical elements in providing quality healthcare, reducing length of stay and driving efficiencies across the healthcare continuum,” said John P. Groetelaars, president and CEO of Hill-Rom, which is based in Chicago. “This transaction strategically fits with our vision of advancing connected care to improve workflow and real-time actionable insights at the point of care, while driving accelerated growth and delivering an attractive margin profile. We look forward to welcoming and working closely with the talented Voalte team, and benefiting from Voalte’s technology, capabilities and substantial installed customer base to enhance outcomes for patients and their caregivers.”
Hill-Rom expects this transaction to close during its fiscal third quarter of 2019. Voalte’s 140 employees will remain in Sarasota, and report to Hill-Rom Patient Support Systems President Paul Johnson.