Dallas-based Take Command, a tech startup that offers companies health reimbursement arrangement (HRA) administration, has acquired HRA technology from San Francisco-based Savvy, according to a news release.
According to the release, the deal to acquire key intellectual property from Savvy's platform was signed this week. The terms of the deal were not disclosed.
"We are excited to join these two innovative platforms and improve our ability to help employers take care of their employees," Take Command CEO Jack Hooper said in the release. "Investing in the functionality and user experience of our product means more features and customization for our clients."
By purchasing Savvy's technology, Take Command can enhance the reimbursement and payment processes for the HRA arrangement model.
Both Take Command and Savvy offer HRA administration on their platforms, allowing employers to reimburse employees for health insurance premiums and medical expenses tax-free. Employees choose their health plans and get reimbursed on their paycheck.
"This relatively new way of doing benefits necessitates an incredibly complex product designed to be incredibly simple for users," Hooper said in the release. "With individual coverage HRAs taking off in popularity, this acquisition will position us to continue to lead and grow in this space."
