Concord Health Partners (“Concord”), a healthcare focused investment firm, today announced recent transactions by two of its behavioral health portfolio companies. Iris TeleHealth (“Iris”), a leading provider of transformative behavioral health services for health systems and community healthcare organizations, acquired innovaTel, a division of Quartet and telepsychiatry provider with differentiated expertise and unparalleled commitment to quality care. NeuroFlow, a leading behavioral health technology and analytics company, acquired Quartet Health (“Quartet”), a value-based behavioral health care enablement company.
The accretive transactions, which were announced by the companies on January 21 and January 29, respectively, increase quality and access of care for mental health patients. Specifically, NeuroFlow’s acquisition of Quartet establishes NeuroFlow as the leading technology player in behavioral health and expands the company’s AI-powered platform. Further, it strengthens referral and care navigation capabilities for payers, health systems and federal agencies. Iris’s acquisition of innovaTel extends its market leading telepsychiatry platform, enhancing its scale, improving its competitive moat and solidifying its brand reputation as the premier provider in the industry.
“Quartet has been a leading behavioral healthcare company, driving innovation and expanding access to high quality care. We are pleased to have the opportunity to support this creative approach to consolidating business models in a way that enhances care for patients and strengthens the market position of both Iris and Neuroflow,” said James Olsen, Founder and Managing Partner of Concord. “Iris, NeuroFlow and Quartet have established themselves as leaders in the space, and the combination of their complementary tech-enabled services and enabling technologies will contribute to the transformation of the behavioral health market, creating a pathway towards enhanced clinical innovation and a significant runway for accelerated growth. We look forward to continuing to work with Iris, NeuroFlow and our strategic partners to help drive access to and adoption of these expanded offerings for the benefit of patients, health systems and payors across the country.”
