Since launching Inlightened publicly in 2020, Shelli Pavone has had multiple organizations approach her about acquiring the startup she co-founded with Michelle Higginson. Inlightened’s platform helps entrepreneurs with potentially groundbreaking health innovations to connect with the right clinicians and prove their concepts.
Even though serious acquisition talks came “many years earlier” than she had anticipated, Pavone says Inlightened has found its match.
Last week, Inlightened announced it has been acquired by LocumTenens.com, part of the Jackson Healthcare family of companies in Alpharetta, Georgia, just outside of Atlanta. LocumTenens.com recruits physicians and other advanced practitioners to work temporary and temp-to-perm assignments at healthcare organizations across the U.S.
Inlightened will operate as an independent entity with its existing leadership at the helm, Pavone said. The company will also keep its brand identity and operational autonomy, she said. Financial terms of the deal were not disclosed.
Path to a partnership
Pavone said she didn’t come into the deal with her eyes set on an acquisition. In the fall of 2022, Pavone had a coffee meeting in Boston with Chris Franklin, president of LocumTenens.com. When they first met, Pavone said Franklin was interested in an investment or acquisition.
“I think in those very early days, I had felt that it might be a little bit too soon for an acquisition,” Pavone said. “But nonetheless was very excited to continue the conversation. ... It just seemed like there was a lot of potential for even just a partnership if investment or acquisition wasn’t what ultimately came to fruition.”
That first meeting was more of a conversation about the clinician perspective in innovation and the healthcare industry. But during this conversation and the meetings that followed, Pavone said she saw several signs that LocumTenens.com would be a strong partner for Inlightened.
LocumTenens.com’s vast network of clinicians was an important factor in the startup’s decision to pursue a collaboration, Pavone said. Inlightened has been personally vetting every clinician joining its network. As a result, Pavone said the network “grew large, but it grew slowly over time.” Pavone said working with LocumTenens.com would enable Inlightened to access a vetted and much larger network.
“In order to really be able to deliver the type of experience that we wanted for our clients and for our experts, acquisition made much more sense for us,” Pavone said. “Ultimately it made a lot more sense for them as well.”
Pavone said LocumTenens.com’s desire to let Inlightened maintain its independence was a factor in the decision. Inlightened will also be able to access resources and guidance from LocumTenens.com and Jackson Healthcare. Beyond the business details, Pavone said they experienced how LocumTenens.com and Jackson Healthcare “really invested in and protected their people.”
“By integrating Inlightened's expert network, we will provide an even more robust platform, connecting clinicians with opportunities to lend expertise and drive innovation,” Franklin said in a statement. “Together, we are building a dynamic platform where the brightest minds in healthcare converge to shape the future of healthcare.”
Enough advice to fill a book
Pavone said she could write a book on everything she has learned during this acquisition process. Perhaps one day she will. For now, Pavone shared with BostInno a few pieces of advice for other founders going through a similar process.
Founders have a lot of research to do before agreeing to a deal. Pavone recommended founders speak to people who have worked for a potential buyer and executives from other companies that buyer has acquired.
But, Pavone said, a lot comes down to trusting gut feelings. If something feels wrong, examine that feeling, Pavone said.
While at times the process felt overwhelming, Pavone said she never felt any fear about how LocumTenens.com would treat her or her company. She said founders should seek out partners who respect them and their work.
“When the diligence process happened, they never tried to say, well, because of this, we’re going to knock down the price that we offered you,” Pavone said. “It was a very collaborative process, and they always wanted to make sure that we were getting what we needed out of the deal and that they were getting what they needed out of the deal.”
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