Flywire Acquires Simplee to Transform Healthcare Payments Experience

Acquisition accelerates Flywire's multi–vertical strategy, broadens healthcare client base

$120 million Series E investment round led by Goldman Sachs fuels acquisition and provides additional capital for strategic growth

Flywire to accelerate investment in its payments network, platform and verticals to capture increased share of trillion–dollar global payments TAM

BOSTON and PALO ALTO, Calif., Feb. 13, 2020 (GLOBE NEWSWIRE) — Flywire, a high–growth vertical payments company, today announced that it has acquired Simplee, a leading healthcare technology platform, to optimize the digital payments and patient engagement experience in healthcare and scale its global payments services. The acquisition builds on Flywire's growing healthcare payments business and accelerates the company's market share. Flywire is also announcing a $120 million Series E investment round, led by Goldman Sachs, which contributes to Flywire's strong balance sheet and provides additional capital to support the company's vision to digitize payments across its key verticals, including education, healthcare and travel.

Bolstered by new digital capabilities, global payments revenue is expected to grow at a 5.9% CAGR from 2019–2028 to become a $2.5 trillion industry by 2028, according to Boston Consulting Group. However, the payments experience across many industries, like healthcare, is fraught with inefficiencies and poorly integrated point solutions, which accelerate financial losses. Exacerbating high healthcare costs is the secular trend towards high–deductible health plans; according to CMS, healthcare patients in the United States will be responsible for $365.5 BN in out–of–pocket healthcare spend per year, representing a market opportunity for Flywire that is about 70% of the size of the entire U.S. e–commerce spend.

Flywire's acquisition of Simplee accelerates the digitization of payments to address the challenges around patient engagement as well as healthcare finance and affordability. Combining Flywire's high–tech platform for providers with Simplee's consumer–first paths to payment, both patients and providers are empowered to settle payment faster and on their own terms. Together, the companies will power four of the top ten US healthcare systems and process more than $10 billion in patient payments per year.

"Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry–leading payments platform," said Mike Massaro, CEO of Flywire. "This digital foundation enables us to develop vertical–specific applications that make payments more efficient and cost–effective for our global clients. The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base."

Flywire is also announcing a $120 million Series E investment round led by Goldman Sachs, which will support Flywire's ongoing investment in its multi–vertical strategy. This latest round brings the company's total capital investment to $260 million. Tiger Management and Adage Capital Management also joined the round as new investors with participation from existing investors.

"We are thrilled to lead the Series E round for Flywire," said Ashwin Gupta, Managing Director at Goldman Sachs' Merchant Banking Division. "They bring together a unique blend of a payments network, platform and vertical–specific solutions to completely digitize the payments experience for their clients across industries. We look forward to continuing to help accelerate Flywire's growth."

About Flywire

Flywire is a high–growth vertical payments company trusted by organizations around the world to deliver on their customers' most important moments. Unlike other companies, Flywire is proven to solve vertical–specific payment and receivables problems for organizations that deliver high–value services. Whether in education, healthcare, travel or technology, Flywire has vertical–specific insight and technology that allows organizations to optimize the payment experience for their customers while eliminating operational challenges. To date Flywire has processed over $12 billion in total payments volume for over 2,000 clients around the world. The company is headquartered in Boston, MA, USA and has offices around the world. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.

About Simplee

Simplee, which has raised $36.4 million in venture capital funding, founded the patient financial care movement. It provides a leading technology platform for engaging patients and addressing affordability with personalized paths to payment. Simplee's platform, Peer Reviewed by HFMA, leverages information from billions of patient interactions and proprietary healthcare tuned algorithms to drive a recommendation engine for patient payments and engagement.

Media Contacts

Sarah King
Flywire
Sarah.King@Flywire.com

Tim Walsh
For Flywire
timw@walshgroupmarketing.com

CC Group (UK)
For Flywire
Flywire@ccgrouppr.com

Nyxoah raises €25 million in private funding round

Nyxoah raises 25 million in private funding round

Mont–Saint–Guibert, Belgium "" 12 February 2020, Nyxoah S.A., a healthtech company developing neuromodulation–based therapeutic solutions for sleep disordered breathing conditions, today announced that it has raised 25 million in a private financing round. Completion of the financing round is subject to customary closing conditions and is expected to occur later this month.

ResMed Inc. (NYSE:RMD) (ASX:RMD), a world–leading digital health company in the fields of sleep apnea, COPD, and other chronic diseases, joined as a new shareholder.

Under the lead of Mr. Robert Taub, Nyxoah executive chairman, Cochlear Limited (ASX:COH) and several historical shareholders completed the 25 million financing round.

The proceeds will enable Nyxoah to further advance in developing long–term clinical evidence on the Genio system, prepare for the IDE pivotal trial in the United States and accelerate the ongoing market access and commercialisation activities in Europe, Australia and New Zealand.

Olivier Taelman, CEO of Nyxoah, commented: "We have an innovative approach to treating OSA. Having ResMed, the global leader in sleep apnea, support this significant funding round along with our existing shareholders will help Nyxoah to further accelerate its development."

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About Obstructive Sleep Apnea (OSA) and the Genio system
OSA is the world's most common sleep disorder, affecting almost one billion people globally1.
OSA makes a person stop breathing during sleep, while the airway repeatedly becomes partially (hypopnea) or totally (apnea) blocked, limiting the amount of air that reaches the lungs. OSA is a chronic condition that is associated with increased mortality risk and comorbidities, including cardiovascular diseases, type 2 diabetes, obesity, depression and stroke. The current standard of care consists of Positive Airway Pressure (PAP) therapy, a treatment whereby air is pushed into the upper airway to keep it open.

The Genio system is the world's first and only, battery–free, leadless and minimally invasive implanted neurostimulator designed to keep the upper airway open during sleep for certain people with OSA by bilateral stimulation of the hypoglossal nerve.

About Nyxoah
Nyxoah is a healthtech company focused on the development and commercialisation of innovative solutions and services for sleep disordered breathing conditions. Nyxoah's lead solution platform is based on the Genio system, a validated, user–centered, next generation hypoglossal neurostimulation therapy for OSA, the world's most common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke.

Following successful completion of the BLAST OSA study in patients with moderate to severe OSA, the Genio system received its European CE Mark in March 2019. The Company is currently conducting the BETTER SLEEP study in Australia and New Zealand for therapy indication expansion, and a post–marketing EliSA study in Europe to confirm the long–term safety and efficacy of the Genio system. The IDE pivotal study to prepare for US market entrance is currently in discussion with the FDA.

For more information, please visit www.nyxoah.com.
Caution "" CE marked since 2019. Investigational device in the United States. Limited by federal law to investigational use.


1 Benjafield, Adam V et al. Estimation of the global prevalence and burden of obstructive sleep apnoea: a literature–based analysis. Lancet Respir Med 2019 Published Online July 9, 2019 http://dx.doi.org/10.1016/S2213–2600(19)30198–5