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ResMed Grows SaaS Platform

MEDTECH: Somnoware Acquisition Latest Buy

ResMed (NYSE: RMD) is expanding its sleep management software platform.

The company announced July 5 it had acquired Somnoware, Inc., a Charlotte, North Carolina-based provider of sleep and respiratory care diagnostics software.

Bill Shoop
General Manager, North America
ResMed

“We are very excited about this acquisition,” said  ResMed  North America General Manager Bill Shoop. “Somnoware’s offering has been well received in the marketplace and it naturally complements our ecosystem of digital solutions across the patient care pathway. Our team is excited to add Somnoware to our portfolio of solutions to help physicians, sleep labs, and HMEs drive greater efficiency and deliver better patient care.”

Somnoware offers both diagnosis and care management software solutions that streamline the processes of physicians as well as sleep and pulmonary function testing labs. The software’s features include diagnosing and evaluating a patient’s sleep and respiratory care test results, ordering PAP treatment equipment, setting up appointments, tracking PAP compliance, and providing information directly into a patient’s electronic health record.

Although the transaction’s financial terms were not disclosed, ResMed  announced it would retain Somnoware’s staff and keep software “open and device-agnostic” so end users can continue interoperating with different testing solutions and place orders for treatment devices and accessories from any supplier.

Lucile Blaise
President, Sleep & Respiratory Care
ResMed

“We’re committed to driving wider adoption of Somnoware’s open and interoperable platform to help more people with OSA or COPD get the diagnoses and treatment solutions they need. Improving patients’ experience and health outcomes is our common goal,” said  ResMed Sleep & Respiratory Care President Lucile Blaise.

ResMed described Somnoware’s platform as “upstream and complimentary” to its existing Brightree and AirView software platforms.

Brightree is ResMed’s  cloud-based software to improve clinical and business performance in the post-acute care industry, which was added to the company’s software suite through acquisition in 2016.

AirView is ResMed’s cloud-based system that helps physicians manage patients with sleep-disordered breathing and respiratory insufficiency by enabling access to patient data, sharing clinical insights with other health professionals and reducing costs related to patient follow-up – similar to Somnoware’s offering.

Subath Kamalasan
Co-founder & CEO
Somnoware

“I’m thrilled to join forces with  ResMed  and embark on a shared mission of guiding people toward better sleep and improved breathing. Our partnership will open new avenues to help physicians with the critical task of chronic care management,” said Subath Kamalasan, Somnoware co-founder and CEO. “Together, we are committed to driving innovation and delivering solutions that improve the health of patients with sleep disorders and other chronic respiratory diseases.”

Software Segment Growth

Somnoware is the latest software company acquisition for ResMed, which has a history of buying up complimentary software for its own software and medical devices in the sleep and respiratory spaces.

In November of last year, the company expanded its SaaS segment with the completion of the nearly $1 billion acquisition of Germany-based MEDIFOX DAN. The MEDIFOX acquisition built upon a previous SaaS segment purchase in 2018 of MatrixCare – maker of post-acute care software for skilled nursing and senior living facilities – for $750 million.  Also in 2018, ResMed acquired health record software, billing services and analytics company HEALTHCAREfirst for $126 million.

In ResMed’s third quarter report in May, the company announced it had increased its SaaS revenue 35% over the same quarter the previous year.

Mick Farrell
CEO
ResMed

“Our outside-hospital software-as-a-service business achieved high-single-digit growth organically and reached well into double-digit growth with a full quarter of contribution from our MEDIFOX DAN acquisition that we closed last November,” said ResMed CEO Mick Farrell.

Revenue of all ResMed segments increased by 29% in Q3 2023. ResMed has announced it will report its Q4 and FY2023 report in early August.

ResMed

Founded: 1989
CEO: Mick Farrell
Headquarters: Spectrum Center, Kearny Mesa
Business: Maker of cloud-connected medical devices, specialist in digital health
Stock: RMD (NYSE)
Revenue: $3.6 billion (FY2022)
Employees: 10,000+
Website: www.resmed.com
Social Impact: ResMed is committed to working with employees, suppliers and customers to protect the environment.
Notable: ResMed has sold more than 20.5 million cloud-connectable devices in more than 140 countries.

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