Cloudbreak Health Announces Business Combinations with UpHealth, Inc. and UpHealth Holdings, Inc.
The newly formed company is trading on the NYSE under the ticker symbol “UPH”
LOS ANGELES & COLUMBUS, Ohio–(BUSINESS WIRE)–#BusinessCombination—Cloudbreak Health, LLC (“Cloudbreak”), a leading telehealth and video remote interpretation solutions provider, today announced that it has completed its previously announced business combinations with UpHealth, Inc. (f/k/a GigCapital2, Inc.) and UpHealth Holdings, Inc. (“UpHealth Holdings”). The combined entity UpHealth, Inc. (“UpHealth”) is traded on the New York Stock Exchange under the ticker UPH. Cloudbreak will be known as Cloudbreak Health, an UpHealth company.
Merging UpHealth and Cloudbreak creates one of the only profitable, publicly traded global digital health companies. As partners to the major stakeholders in healthcare, the combined company spans the key markets required to connect information, coordinate teams, and deploy its digital care management and health infrastructure capabilities that allow the entire continuum of care to function as an integrated system of care.
“As part of UpHealth, Cloudbreak will now be able to offer a full suite of technology platforms and services to support the mission and digital transformation of local healthcare, with integrated care management and population health, telemedicine, pharmacy and behavioral health services at the fingertips of clinical and community-based teams globally,” said Ramesh Balakrishnan, CEO of UpHealth.
UpHealth’s mission is to reshape healthcare and power its digital transformation, helping to better deliver care and manage health to create a more caring, connected, accessible, and cost-effective system.
“Cloudbreak Health has always remained committed to its vision to humanize healthcare, using technology to promote health equity and resolve healthcare disparities,” said Jamey Edwards, former Chief Executive Officer and Co-Founder of Cloudbreak Health, and current President of UpHealth. “This combination furthers our mission by providing healthcare solutions enabling equitable access to inclusive care for diverse populations. This is about pioneering new care models and empowering clinical teams globally to deliver high quality healthcare for all patients anytime, anywhere, on any device and in any language.”
While Cloudbreak has previously operated primarily in the Health System and Clinic market, UpHealth has a broad, diverse client base spanning the Health System, Physician Office, Payor, Education, Employer, and Government Agency markets, representing a large expansion opportunity for Cloudbreak’s services. In turn, with one of the largest installed bases in the country, Cloudbreak’s telemedicine platform creates a foundation to deliver all of UpHealth’s services to the U.S. health system and clinic market, enabling existing Cloudbreak customers to benefit from all of UpHealth’s solutions.
“It’s our privilege to support great entrepreneur teams like the one at Cloudbreak and partner with them to realize their impact,” said Nate Locke, Managing Partner, Co-Head of Growth Equity at Kayne Partners Funds and Cloudbreak’s sole Series A investor. “We are excited to be a part of this next chapter with UpHealth as this team increases that impact, now globally.”
“We are very pleased to have completed the business combination of Cloudbreak and UpHealth Holdings into GigCapital2 to create UpHealth,” said Avi Katz, Founding Partner of GigCapital Global and Co-Chairman of the Board of UpHealth. “This company is powering digital transformation across the globe and gives ESG investors and beyond the ability to participate in the healthcare’s rapid evolution on a massive scale.”
To learn more about Cloudbreak telehealth and language access solutions for your healthcare system, call (614) 468-6000, email communications@cloudbreak.us, or visit https://cloudbreak.us.
About Cloudbreak Health
Cloudbreak Health (www.cloudbreak.us) revolutionized patient and provider communication with the introduction of video remote interpreting (VRI), establishing Cloudbreak as a pioneer in telehealth technology. Cloudbreak Health continues to innovate with Cloudbreak Telehealth Solutions, including telepsychiatry, telestroke, tele-quarantine, remote patient monitoring and other specialties. Committed to overcoming healthcare disparities and bringing language access to the point of care, Cloudbreak Health seamlessly integrates their language access solution, Martti, into a host of platforms, including Epic, Zoom, and Caregility. Performing more than 1.5 million minutes of telemedicine consultation each month on over 19,000 video endpoints at 1,900+ healthcare locations nationwide, Cloudbreak Telehealth simplifies how providers care for patients, putting a full care continuum at their fingertips 24/7. Follow Cloudbreak on Twitter @cloudbreakhlth or the hashtag #HumanizeHealthcare.
About UpHealth, Inc.
UpHealth is a global comprehensive digital health technology and tech-enabled services platform that empowers providers, health systems and payors globally to manage care for people with complex medical, behavioral and social needs, while dramatically improving access to primary care.
For more information, please visit https://uphealthinc.com and follow us at @UpHealthInc on Twitter, UpHealth Inc. on LinkedIn and @uphealthinc on Instagram.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our management team’s expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future, including revenue growth and financial performance, product expansion and services. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our management team’s current expectations and beliefs in light of their collective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on UpHealth as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting UpHealth will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including regulatory approvals, the ability of UpHealth to continue to meet the NYSE listing standards, product and service acceptance, and that UpHealth will have sufficient capital to operate as anticipated. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of UpHealth’s filings with the SEC, and in UpHealth’s current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to UpHealth as of the date hereof, and UpHealth assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Contacts
Paulo Acuña
310.824.9000
pacuna@olmsteadwilliams.com
