ResMed buys Germany sleep tech Mementor
San Diego-based medical device company ResMed (NYSE: RMD) bought Mementor, a German digital health startup aimed at treating insomnia.
Why it matters: Already a powerful presence across Europe, ResMed through this latest acquisition further expands its German presence.
Deal details: Mementor will operate as a separate business unit under ResMed, to be led by Mementor co-founder and CEO Noah Lorenz and Katherina Jekerle, ResMed Germany’s senior marketing director.
- Financial terms were not disclosed.
How it works: Mementor offers a digital tool for sleep called Somnio that applies cognitive behavioral therapy (CBT) to chronic sleep issues.
- As a permanently approved digital health app in Germany, Somnio can be prescribed and is thus eligible for reimbursement, according to ResMed.
Context: ResMed is the leading manufacturer of CPAP and BiPAP machines and has made dozens of acquisitions in the digital SaaS space, such as:
- The $225 million purchase of digital inhaler startup Propeller Health in 2018.
- The $750 million purchase of post-acute electronic health record company MatrixCare, also in 2018.
Yes, and: The company's digital sleep therapy portfolio already includes:
- AirView, a cloud-based system that helps manage patients with sleep-disordered breathing and respiratory insufficiency.
- myAir, an online support program and app that tracks nightly sleep data in hand with interactive coaching.
- ResMed Data Exchange, an umbrella of APIs, developer tools and technical resources to integrate ResMed Air Solutions into third-party applications.
- ResMed ReSupply, which manages a resupply program for sleep apnea therapy equipment.
Flashback: ResMed in June forked out $1 billion for MediFox Dan, inheriting Germany's dominant leader in out-of-hospital SaaS ecosystems.
- With that deal, ResMed also gained entry into new care settings including those for young people, people with disabilities and outpatients.
Between the lines: SaaS ResMed president Bobby Ghoshal told Sarah at the time that German payers are increasingly willing to invest in the digitization of care.
The take-home: Already a burgeoning care provider in Europe and the U.S., ResMed's latest acquisition deepens its global presence and sets up ResMed to continue being a serious player in digital health and medical tech.