Acquisition signifies growth of Individual Coverage HRAs and reinforces Dallas as growing tech hub
Take Command, a tech-enabled service that offers HRA administration, has acquired innovative HRA technology from Savvy, a San Francisco-based, VC-backed healthcare company founded in 2019. The deal to acquire key intellectual property from Savvy’s platform was signed this week. The terms of the deal were not disclosed.
“We are excited to join these two innovative platforms and improve our ability to help employers take care of their employees,” shares Take Command CEO, Jack Hooper. “Investing in the functionality and user experience of our product means more features and customization for our clients.”
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Founded by Silicon Valley entrepreneurs Kevin Cox and Suril Kantaria in the YCombinator incubator, Savvy fits into Take Command’s strategy to champion the individual coverage HRA (ICHRA) trend by delivering a modern, technology-enabled user experience that drives engagement and widespread market adoption. By purchasing Savvy’s technology, Take Command can enhance the reimbursement and payment processes inherent to the health reimbursement arrangement model.
Both Take Command and Savvy offer HRA administration on their platforms, allowing employers to reimburse employees for health insurance premiums and medical expenses on a tax-free basis. Employees then choose their own individual health plans and get reimbursed on their paycheck.
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“This relatively new way of doing benefits necessitates an incredibly complex product designed to be incredibly simple for users,” adds Hooper. “With individual coverage HRAs taking off in popularity, this acquisition will position us to continue to lead and grow in this space.”
Take Command is on a mission to accelerate the adoption of the reimbursement model of health insurance to help create a consumer-centric healthcare system. Backed by prominent investors including LiveOak Venture Partners and SJF Ventures, Take Command is a recognized leader in QSEHRA administration, launched the first-to-market Individual Coverage HRA platform, is a founding member of the HRA Council, and is the only HRA administrator to also offer full service, in-house individual enrollment support.
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