Icario Expands with Acquisition of ChipRewards

Icario, the healthcare industry’s largest health action company, today announced it has acquired ChipRewards, a leading SaaS platform used by health plans and employers to configure and manage consumer engagement programs. With this acquisition, Icario adds self-service configurability and management capabilities that empower health plan teams to customize their approaches to engagement across enrollment, targeted health actions, retention, satisfaction, and overall experience initiatives.

“We are thrilled to welcome the team that built the ChipRewards platform to Icario. They have worked in close collaboration with the leading health plans in the country to build a high level of configurability and a superior consumer experience for their clients, and we look forward to extending the platform with Icario’s Insight, Connect, and Personalization Engines.”

Steve Wigginton

CEO, Icario

ChipRewards offers a fully configurable, enterprise-wide incentive and engagement platform, including targeted rewards and incentives, that provides a flexible solution for health plans. The platform’s agility enables health plans to dynamically configure an unlimited number of health action engagement programs across highly diverse populations. The SaaS platform includes seamless integration of a variety of rewards and incentives options, portal, and app integration. Designed for a simple and efficient end-user implementation experience, the HITRUST compliant technology enables non-technical launch and management by diverse end users across customer support, sales, client services, brokers, and health plan quality and growth leaders.

“Our business has always been about helping health plans and employers grow and sustain relationships with members, and we can now do that even more effectively under the Icario umbrella. We look forward to the dual win of helping Icario customers benefit from our existing capabilities while also opening up the vast benefits of the Icario platform to our current customer base.”

Trey Hamer

Co-Founder and CTO of ChipRewards, now assuming the role of President, ChipRewards

“When we founded ChipRewards, we set out to improve the lives of the individuals that our customers serve,” said Bill Dexheimer, Co-Founder and outgoing CEO of ChipRewards. “The acquisition by Icario will accelerate that mission and serve to further strengthen the value we provide to our clients.”

The acquisition comes as CVC Capital Partners (CVC), a leading global private equity firm, has completed its acquisition of a majority interest in Icario through its CVC Growth Partners II fund. That announcement was first revealed in May.

“When we announced our majority investment in Icario, we were excited to support its organic and inorganic growth ambitions based on its business roadmap,” said Aaron Dupuis, Partner at CVC. “This strategic acquisition is aligned with our vision of establishing Icario as the leading platform for driving health plan performance through personalization at scale.”

CVC was advised by Weil, Gotshal & Manges LLP and William Blair, while TripleTree, LLC and Fredrikson & Byron, P.A. served as advisors to Icario. Dentons Sirote PC (Birmingham, AL) served as advisors to ChipRewards.