Labcorp, one of the world’s largest clinical laboratory networks, has bought Ovia Health, a Boston digital pregnancy platform used by millions of people globally.
The deal, which took place last week, propels North Carolina’s Labcorp further into the expanding women’s health technology industry, or “femtech,” after a strategic investment in Ovia about a year ago. The terms of the deal were not disclosed.
Labcorp said that patients and providers are increasingly turning to digital solutions when it comes to health care.
“We’re excited to expand our leadership in women’s health solutions by bringing Ovia Health’s trusted health content and easy-to-use digital platforms to our patients and customers,” said Brian Caveney, chief medical officer and president of Labcorp Diagnostics, in a statement.
Ovia’s apps can track users’ menstrual cycles to make ovulation and period predictions, as well as to monitor pregnancy progress and fetal development. Once a child is born, Ovia also has an app that enables parents to track their newborn’s health and developmental milestones.
Since its founding in 2012, the platform has been used in more than 200 countries and is offered as part of more than 2,000 health plans.
A pioneer in the femtech space, Ovia has about $20 million in annual revenue and partners with leading universities on matters involving women’s and family health. The acquisition will provide Ovia with the resources to make a bigger impact, according to cofounder Paris Wallace.
“Our combined capability will enable us to significantly expand our reach, enrich our content and explore new methods of promoting a holistic approach to improving women’s health,” Wallace said in a statement. “We’re particularly excited about developing new products and services with Labcorp that fulfill the unmet needs of individuals with reproductive health conditions.”
Angela Yang can be reached at firstname.lastname@example.org.