BURLINGTON – Global life science services firm Labcorp is expanding its reach into the digital health space and boosting services targeting women by acquiring the platform Ovia.
The company focuses on family planning, parenting and pregnancy. It has millions of users, according to Labcorp (NYSE: LH).
Financial terms weren’t disclosed.
Labcorp had made ain investment in Ovia Health through its venture fund.
The deal was announced after stock markets closed Thursday.
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“Patients, doctors and health systems are increasingly using digital health solutions to inform health care and treatment options,” said Dr. Brian Caveney, chief medical officer and president of Labcorp Diagnostics, in announcing the deal.. “We’re excited to expand our leadership in women’s health solutions by bringing Ovia Health’s trusted health content and easy-to-use digital platforms to our patients and customers. We welcome Ovia Health’s innovative and dedicated team to Labcorp and look forward to bringing the combination of our strengths in women’s health to our customers.”
Noting that Ovia was one of the first so-called “femtech” firms, Labcorp pointed out Ovia “has supported more than 15 million family journeys through its suite of interactive, experience-focused platforms.”
It generates some $20 million in annual revenues and is an active partner with numerous universitys and research groups, Labcorp added.
Specific terms of the transaction were not disclosed.
