Alexandria, VA – October 12, 2020 – EDG Partners announces the sale of its portfolio company PWNHealth, Inc. (“PWN”), a leading digital health company, to Spectrum Equity a leading growth equity firm focused on internet-enabled software and information services companies, with participation by the Blue Venture Fund, a unique collaboration between Blue Cross and Blue Shield (BCBS) companies, Blue Cross Blue Shield Association, and Sandbox to which thirty-six BCBS companies have committed over $800 million across four funds. No financial terms were disclosed.
PWNHealth is the market-leading platform facilitating lab testing for consumers directly online, through their employers and via health plans. The company provides its partners with a comprehensive solution to lab testing, including connectivity to CLIA-certified labs, telehealth access to a nationwide physician and genetic counselor network, and intuitive-to-use online platform to handle test ordering and result notifications at scale. Since its founding, the company’s mission has been to improve health outcomes by enabling safe and easy access to testing and professional guidance. PWNHealth is an industry innovator and thought leader in the diagnostic testing market and has played a critical role in addressing COVID-19 testing challenges nationwide.
Mike Gaffney, Managing Director at EDG and Chairman of PWN during EDG’s ownership said, “The PWN Health story began in mid-2015 when we partnered with Sanjay Pingle, PWN Health’s CEO to purchase the small employer testing and consumer testing support business from Medivo, a venture backed analytics company. The transaction provided Medivo non-dilutive liquidity and launched PWN Health. Over the course of five years, we supported the buildout of a full management team, the expansion of the business and development of genetic testing and life sciences market leveraging the PWN’s capabilities. EDG’s value included assembling a top-tier board, recruiting talented management team members, shaping the strategy of the business, supporting M&A and introducing the company to potential clients and partners. We wish the company and its new owners well and look forward to cheering on their continued success.”
Sanjay Pingle, CEO of PWN Health remarked, “I would like to extend my thanks to Mike Gaffney and the EDG team for the strong partnership that we enjoyed over the past five years. From the beginning, EDG was able to see the potential in PWNHealth and has been instrumental in helping us execute on our vision and making it a reality.“
For more information about PWN Health: www.pwnhealth.com
EDG Partners is a private equity firm that provides capital, expertise, and relationships to enable small and middle market healthcare companies to achieve their potential. With considerable investment and operating experience, EDG partners with management teams to navigate the critical inflection points that accompany growth. EDG Partners delivers exceptional value by helping to build exceptional companies.
For more information, please visit www.edgpartners.com.
Company Name: EDG Partners, LLC
Contact Person: Michael Gaffney
Email: Send Email
Address:2121 Eisenhower Ave Ste 600
State: VA 22314
Country: United States