Care transitions technology provider Axial Exchange has acquired mRemedy, a mobile health app company formed by the Mayo Clinic and DoApp in late 2009. While the companies did not disclose specific financial details about the acquisition, Mayo Clinic and Axial's existing investor Canaan Partners both invested in Axial Exchange to help it complete the acquisition. The resulting company now counts those two investors as well as Mayo Clinic's Dr. Paul Y. Takahashi and Dr. Nathan Jacobson as investors and board members.
As part of the agreement Axial Exchange also gains access to content from MayoClinic.com that it will incorporate into its patient-facing wares.
While mRemedy initially launched a handful of consumer health apps, its core product was myTality, a patient-facing mobile health app that aims to help users better navigate a future hospital visit and helps hospital market their services. Axial's software as a service platform includes two key offerings: Axial Patient and Axial Provider. myTality will help Axial scale up its mobile offerings, the company wrote in a statement.
Notably, Axial's products took the top prize in a recent HHS Partnership for Patients Initiative innovation competition, run by ONC called, “Ensuring Safe Transitions From Hospital to Home.”
When mRemedy launched almost two years ago the company planned to develop apps based on Mayo Clinic’s research and services. The first mRemedy app, Mayo Clinic Meditation, launched in the final days of 2009 in Apple's AppStore for iPhone and iPod touch users. That first app, which teaches users relaxation and breathing techniques costs $4.95 and is based on a program created by Mayo professor Dr. Amit Sood.
After a few consumer health app launches throughout 2010, mRemedy pivoted and launched myTality. When it launched, myTality was described as a suite of custom apps built for “clinics and hospitals and their patients” and includes medical trackers, medical directories, medical reference guides and more. At the time of this acquisition, mRemedy's suite of mobile app trackers include myWeight, mPressure, and myGlucose. In mid-2011 mRemedy announced that Lexington, Kentucky-based Central Baptist Hospital had signed on as the first hospital to offer the suite of apps to its patients.
That pivot is what led mRemedy to its buyer this week.