San Francisco-based iRhythm Acquires VitalConnect for $237.5 Mn to Expand Cardiac Monitoring

The latest transaction is expected to strengthen iRhythm’s cardiac monitoring capabilities while expanding its market presence and growth.

San Francisco-based iRhythm has completed the acquisition of cardiac remote patient monitoring company VitalConnect for $237.5 million.

In addition to the $237.5 million deal, iRhythm provided VitalConnect with $10 million in working capital between signing and closing.

The latest transaction is expected to strengthen iRhythm’s cardiac monitoring capabilities while expanding its market presence and growth.

iRhythm provides end-to-end cardiac monitoring services.

According to the company, the acquisition is intended to combine the companies’ monitoring capabilities, with a shared focus on data quality and clinically actionable information, while giving clinicians greater flexibility to select approaches based on patient needs and care settings.

Speaking on the latest development, iRhythm CEO and President Quentin Blackford said, “VitalConnect was compelling because its capabilities are highly complementary to ours. It broadens our cardiac monitoring capabilities, advances our multi-vitals strategy and expands our presence in hospital and remote care settings.”

San Jose-based VitalConnect develops the VitalPatch, an wearable biosensor that leverages AI-enabled algorithms to provide real-time electrocardiogram (ECG) data along with other vital signs.

The device transmits patient data through the cloud, allowing clinicians to access information without waiting for the wearable to be returned by mail.

The cardiac monitoring platform supports multiple modalities and can monitor up to 11 physiological parameters.

Through the latest acquisition, iRhythm aims to expand access to VitalConnect’s offerings by leveraging its broader national reach.

Commenting on the acquisition, VitalConnect CEO Peter Van Haur said, “Joining iRhythm creates an opportunity to extend the reach and impact of its technology. By bringing together what our team has built with iRhythm’s scale, clinical expertise and customer reach, we believe we can accelerate the growth of our platform, expand access to our technology and create even greater value for clinicians and patients.”

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