DarioHealth acquires digital healthcare provider Twill for $10m

The acquisition will almost double Dario’s pro-forma revenue for last year.

Soumya Sharma February 22 2024

US-based digital health company DarioHealth has bought digital care provider Twill, creating a holistic digital healthcare platform for chronic conditions.

Twill has served more than four million users to date via its digital mental health solution, Happify Health, which aims to improve emotional health.

Following the acquisition, Dario will leverage Twill's capabilities in wellbeing and navigation to enhance its end-to-end member journey.

The combined solution will enrol members and engage with them in their care journeys, allowing Dario to provide desired outcomes across broad populations.

It will aim to offer improved navigation capabilities to connect users with the most suitable healthcare solutions.

The acquisition also enables Dario to expand its health and wellbeing services, from emotional health to managing costly chronic conditions.

Dario has paid $10m in cash and agreed to issue ten million common stock shares as pre-funded warrants for Twill's debt and equity holders.

These warrants will vest in four equal amounts at different intervals after the deal has closed.

Dario said that Twill’s acquisition will almost double its pro-forma revenue from last year, with gross margins anticipated to reach around 80% to 85% by next year.

Dario CEO Erez Raphael said: “The addition of Twill instantly boosts revenue and margins, leveraging a robust SaaS-like model to fuel expected rapid growth and accelerating profitability.

“We are confident in our ability to integrate Twill and its employees and operations, as we have a track record of integrating previously acquired businesses.”

Twill co-founder and CEO Tomer Ben-Kiki said: “This shared vision fuels our powerful union, transforming data into a vibrant tapestry of individual health stories.

“Together, we're beyond excited to create something truly groundbreaking.”

Ben-Kiki will join Dario's leadership team as chief operating officer after the acquisition, while Twill’s co-founder Ofer Leidner will serve as an adviser to Dario's commercial team.

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