San Diego-based medical technology company ResMed (NYSE: RMD) bought Mementor, a German digital health startup treating insomnia.
Why it matters: Already a strong presence across Europe, ResMed continues to expand its German footprint with this latest acquisition.
Deal Details: Mementor will operate as a separate business unit under ResMed, be led by Noah Lorenz, Co-Founder and CEO of Mementor, and Katherina Jekerle, Senior Marketing Director of ResMed Germany.
- Financial terms were not disclosed.
How it works: Mementor offers a digital sleep tool called Somnio that applies cognitive behavioral therapy (CBT) to chronic sleep problems.
- As a permanently approved digital health app in Germany, Somnio can be prescribed and therefore reimbursed according to ResMed.
Context: ResMed is the leading manufacturer of CPAP and BiPAP devices and has made dozens of acquisitions in the digital SaaS area, such as:
- The $225 million purchase of digital inhaler startup Propeller Health in 2018.
- The $750 million purchase of post-acute electronic health record company MatrixCare, also in 2018.
Yes and: The company’s digital sleep therapy portfolio already includes:
- AirView, a cloud-based system that helps treat patients with sleep disorders and respiratory failure.
- myAir, an online support program and app that records nightly sleep data with interactive coaching.
- ResMed Data Exchange, an umbrella of APIs, developer tools and technical resources for integrating ResMed Air solutions with third-party applications.
- ResMed ReSupply, which manages a sleep apnea therapy device supply program.
Flashback: ResMed spent $1 billion on MediFox Dan in June, inheriting Germany’s dominant leader in out-of-hospital SaaS ecosystems.
- The agreement also gave ResMed access to new care facilities, including those for young people, people with disabilities, and outpatients.
Between the lines: SaaS ResMed President Bobby Ghoshal told Sarah at the time that German payers were increasingly willing to invest in the digitization of care.
The take away: ResMed is already an emerging healthcare provider in Europe and the US. ResMed’s recent acquisition deepens its global footprint and positions ResMed to continue to be a serious player in digital health and medical technology.