Fitbit announced on Tuesday it will acquire MIT spinout company Twine Health, giving the San Francisco-based wearable company a way to expand its offerings to health plans.
Founded in 2013 by John Moore, Frank Moss and Scott Gilroy, Twine Health provides HIPAA-compliant health coaching software that helps people with things like weight loss and smoking cessation. It also helps them manage chronic conditions, such as diabetes.
With the acquisition, Fitbit said in a press release that it would "extend the benefits of the Twine platform to its more than 25 million users and expand into new condition areas." Fitbit maintains a Boston office in the Seaport at One Marina Park Drive.
"Together, we can help healthcare providers better support patients beyond the walls of the clinical environment."
As part of the deal, Twine Health's team will join Fitbit's Health Solutions group, with Moore, Twine Health's CEO and founder, serving as Fitbit's medical director. Financial terms of the acquisition were not disclosed. The deal is expected to close by the end of March.
“Twine Health has delivered powerful results for patients managing conditions like diabetes and hypertension – two key focus areas for Fitbit, which together affect approximately 105 million people in the U.S. alone," James Park, co-founder and CEO of Fitbit, said in a statement.
"When combined with our decade-plus of experience empowering millions of consumers to take control of their health and wellness, we believe we can help build stronger connections between people and their care teams by removing some of the most difficult barriers to behavior change," Park continued. “Together, we can help healthcare providers better support patients beyond the walls of the clinical environment, which can lead to better health outcomes and ultimately, lower medical costs.”
Twine Health, which uses artificial intelligence and human interactive to drive positive health outcomes, had raised a total of $8.3 million in capital, according to Xconomy. The company's investors included Khosla Ventures, Qiming Venture Partners and Neoteny Labs.
