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Wells Fargo Capital Finance Backs Sharecare’s Acquisition of Window Channel Network

July 27, 2018, 07:12 AM
Filed Under: Healthcare

Sharecare, a digital health company helping people manage all their health in one place, announced that it is acquiring Window Channel Network (WCN), a leading distributor of original HD relaxation and wellness videos that empower viewers to find stillness and peace in their everyday life. Every day, more than 30,000 hours of WCN’s content – which includes eleven specialty channels with 225 titles and 400 hours of relaxation, spiritual, meditation, sleep and ambient video programming – is streamed around the world. As part of Sharecare’s twelfth acquisition, all WCN content available through Apple TV, Roku, Fire TV, the App Store, Google Play and Amazon Prime – for which WCN is the exclusive provider of ambient video – will soon be rebranded as Sharecare.

“Our acquisition of Window Channel Network builds on our commitment to bring the essential elements of wellness, illness and lifestyle together in one platform on behalf of the consumer,” said Jeff Arnold, chairman and CEO of Sharecare. “By combining WCN’s award-winning content with Sharecare’s rich data sets, proprietary voice analysis technology and virtual reality capabilities, we will provide people with a unique on-demand experience that will benefit their mind, body and spirit and inspire them to use Sharecare every day.”

With stress and sleep being among the 13 key health indicators that factor into whether or not a Sharecare user earns a “green day” – Sharecare’s proprietary metric for tracking someone’s daily progress toward their personalized health and wellness goals – videos from WCN that are designed to reduce stress, foster more restful sleep and promote mindfulness will be incorporated directly into the platform. And, as a person accumulates “green days,” Sharecare will reward them for engaging in their health by granting them free access to premium content from WCN. 

In recent years, meditation has become a mainstream practice; according to the National Center for Complementary and Integrative Health, nearly 20 percent of Americans practice meditation weekly. While studies are underway about meditation as a means to treat a specific disease or condition, research shows the practice improves empathy, productivity and alleviates stress. In terms of market viability, in 2017, the meditation and relaxation industry generated $1.2 billion in revenue and is projected to reach $2.08 billion in revenue by 2022, according to a Sage Business Researcher report.

Sharecare’s acquisition of WCN and resulting expansion of its mindfulness, relaxation and meditation features, combined with its ability to provide people with the content, tools and access they need to live their healthiest, happiest, most productive lives, no matter where they are in their health journey, continues to grow Sharecare’s platform capabilities and total addressable market. In support of Sharecare’s vision and successful execution of its holistic strategy to integrate fragmented point solutions into one comprehensive health platform, Wells Fargo Strategic Capital has made a $20 million investment in Sharecare, deepening the banking relationship with the company, which was provided a senior secured credit facility in early 2017 through Wells Fargo Capital Finance.

“At Wells Fargo, we have been impressed with not only Sharecare’s rapid growth, scale and strategic position in digital health but also the breadth of capabilities available through its platform – from disease management protocols to health risk assessments and relevant, interesting content to programs that elevate the wellness of entire communities,” said Wells Fargo Managing Director John Ryan. “Whether obtained through organic development or acquisition, Sharecare has industry-leading expertise in maximizing the latest technological advancements to meet a person’s holistic healthcare needs while improving their connection to industry stakeholders, be they providers, payers or employers.”

As part of Sharecare’s acquisition of WCN, founders Jim Wilmer and Mark Knight are joining Sharecare. Financial terms of the acquisition were not disclosed.

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