Icario, the healthcare industry’s leading health action company, is pleased to announce that CVC Capital Partners (CVC), a leading global private equity firm, has acquired a majority interest in the company through the CVC Growth Partners II fund. The investment will be used to fuel Icario’s next phase of growth; financial terms were not disclosed.

The news comes at an exciting time for Icario, which rebranded earlier this year following the merger of market leaders Revel and NovuHealth. CVC will help Icario accelerate its business roadmap as it continues to build innovative solutions for its customers, which include many of the most trusted health plans in the United States.

“With CVC’s support, Icario is ideally positioned to bring our mission to more people through our shared vision for the business. We have been fortunate to benefit from the insight and leadership of our founders and early investors, and we look forward to our next chapter led by a team and a firm with a strong reputation for taking organizations to the next level.”


Steve Wigginton

CEO, Icario

“Icario’s proprietary technology, data science, and behavioral insights drive highly valuable actions,” said Aaron Dupuis, partner at CVC Growth Partners. “We have followed the Icario story for some time as part of our long-standing efforts in member engagement, and we look forward to working with the Icario team to accelerate initiatives to bring even more member engagement innovation to Icario’s impressive customer base of more than 50 leading healthcare payers.”

“Engaging consumers in their health has never been more important than it is today,” said Fazle Husain, Partner and Head of U.S. Healthcare at CVC. “We see significant tailwinds for Icario as plans increasingly focus on coordinating member communications to drive member satisfaction, better health outcomes and lower cost of care.”

Icario is a health action company whose solutions seek to deeply understand people by leveraging behavioral and data sciences in order to move them to take action for better health. The early founders of the company recognized the gap between consumer engagement in other industries—travel, retail, and financial services—and identified an opportunity to do the same for healthcare through personalized, multi-channel communications that connect all people to health.

“We are thrilled to welcome the CVC team as Icario’s capital partner. We have a shared vision for using technology and data to drive consumer behaviors that empower health plans’ quality, assessment, and health action strategies to drive better health outcomes.”


Tom Wicka

Co-founder of NovuHealth and Chairman of Icario

Icario was recently featured on the 2021 Inc. 5000 Regionals: Midwest list, the most prestigious ranking of the fastest-growing private companies in the Midwest.

TripleTree, LLC served as the exclusive financial advisor to Icario for this transaction. The transaction is subject to regulatory approvals.

About CVC Capital Partners

CVC is a leading private equity and investment advisory firm with a network of 23 offices throughout Europe, Asia and the US, with approximately US$118 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$160 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 450,000 people.

About CVC Growth Partners

Launched in 2014, CVC Growth Partners is the growth-oriented middle-market technology investment arm of CVC Capital Partners. CVC Growth Partners primarily targets equity investments between $50 million and $250 million in North America and Europe and manages over US$2.5 billion in assets across two dedicated funds. For further information about CVC Growth Partners please visit: www.cvc.com/growth.

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