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Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing

Funding led by Oak HC/FT and Ascension Ventures to enable company to accelerate product development and scale its technology to healthcare organizations nationwide

CrossChx rebrands itself as Olive to reflect commitment to building meaningful AI-enabled robotic process automation solutions for healthcare

COLUMBUS OH, July 30, 2018 – Olive, Inc., the premier healthcare-focused robotic process automation and artificial intelligence company, announced today that it has raised a $32.8 million Series D round from Oak HC/FT and Ascension Ventures with participation from existing investors. The round will help the company scale its eponymous AI solution, Olive, throughout healthcare organizations nationwide and invest in new capabilities such as Pupil, its process mining tool, that will be launched at alpha sites this summer.

“Hospital operations have grown unsustainably complex as providers must adopt new technologies, workflows, and regulations with increasing frequency in order to provide best-practice care,” added John Kuelper, Investment Director at Ascension Ventures. “Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimize clinical and administrative operations so caregivers can spend more of their time on patient care.”

“Olive arrives at a time when healthcare organizations are burdened with improving efficiency, reducing costs, and enhancing the patient experience,” said Sean Lane, Founder and CEO of Olive. “Olive handles repetitive, high-volume tasks, which allows employees to get back to patient care and presents healthcare organizations with value that could not otherwise be realized.”

“As the first healthcare automation solution on the market using AI to streamline repetitive tasks and workflows by working with existing systems, Olive is uniquely positioned to counteract the ever-increasing cost of healthcare and humanize the cumbersome process,” said Billy Deitch, Principal at Oak HC/FT. “We are excited to partner with Olive to deploy its innovative technology at scale.”

Billy Deitch, Principal at Oak HC/FT, and John Kuelper, Investment Director at Ascension Ventures, will join the company’s board of directors.

Earlier this year, Olive divested its legacy Connect platform and related products including Connect biometrics, Queue registration kiosk, and the CrossChx Connect mobile app to DHS Group.

ABOUT OLIVE
Olive is a healthcare-specific artificial intelligence and process automation company that empowers healthcare organizations to improve efficiency and patient care while reducing costly administrative errors. Its eponymous AI solution, Olive, acts as the intelligent router between systems and data by automating repetitive, high-volume tasks and workflows, providing true interoperability. Olive has helped healthcare organizations reduce data and billing errors, eliminate denials for no coverage, improve cash collections by reducing days in A/R, and more. To learn more and receive updates, visit hireolive.com.

ABOUT OAK HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.

ABOUT ASCENSION VENTURES
Ascension Ventures (www.ascensionventures.org) is a strategic healthcare investment firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, the nation’s largest Catholic and non-profit health system, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue. AV collaborates with these partners to identify, invest in, and support strategically aligned private companies that are transforming the healthcare industry and enhancing the experience for patients, their families, and caregivers.

Contact:

Oak HC/FT:
Alana Bremner, 212-704-8256
Alana.Bremner@edelman.com

Newsroom

Therapy Brands Closes Investment from Lightyear Capital and Oak HC/FT to Accelerate Growth

Proven Management Team of Comprehensive Healthcare Information Technology Platform for Mental & Behavioral Health Providers to Continue to Drive Growth

Birmingham, AL, July 24, 2018 – Therapy Brands (the “Company”), a leading provider of mental and behavioral health software, today announced a majority investment from investment funds affiliated with Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm investing in financial services companies, and Oak HC/FT, a venture growth-equity fund investing in tech-enabled healthcare and financial services companies. Providence Strategic Growth (“PSG”), Therapy Brands’ previous lead investor, will retain a significant minority investment going forward. Greater Sum Ventures (“GSV”) will also retain a minority investment going forward. With this transaction, Lightyear becomes the Company’s lead investor, followed by Oak HC/FT, PSG, GSV and a group composed of Therapy Brands’ Founder and CEO Shegun Otulana, Chairman Ross Croley, other members of management as well as other investors. Terms of the transaction were not disclosed.

Originally founded as TheraNest in 2013, the Company has capitalized on a number of secular macro growth trends in mental and behavioral health markets, including heightened public awareness, expanded coverage by insurers, outcomes-based payment and care delivery models, and the recognition of the impact of mental health on the overall cost of care. Therapy Brands’ comprehensive information technology platform addresses the highly fragmented and underserved practice management needs of mental and behavioral healthcare professionals. By providing several solutions, including practice management and electronic health records, payments, revenue cycle management, data collection and reporting solutions to the increasing number of practitioners and organizations in these markets, the Company has allowed professionals in both large and small practices to spend less time on the administrative burden of practice management and more time treating patients, improving outcomes and growing their businesses.

“We are excited to partner with Shegun and the management team at Therapy Brands,” said Mark F. Vassallo, Managing Partner of Lightyear. “Therapy Brands reflects our continued focus on investing at the intersection of financial services and healthcare. We believe the Company is well-positioned to capitalize on the market trends in payments and in mental and behavioral healthcare.”

“Therapy Brands has built an innovative SaaS platform management solution aimed at tackling a critical concern in mental and behavioral healthcare: managing timely, complex tasks while delivering superior quality of care,” said Andrew Adams, Co-Founder & General Partner of Oak HC/FT. “We look forward to working with Shegun and the Therapy Brands team, as they roll out their technology platform to new customers and expand reach into adjacent markets.”

“We are engaged in a very significant period of expansion for the business, having added thousands of new customers organically since we entered the market, and we expect to continue this trend of customer growth as practitioners migrate from manual processes and inadequate solutions to our comprehensive software platforms,” said Mr. Otulana. “We continue to implement growth initiatives to add new customers to the platform and provide existing customers new features and additional functionality. In addition, we are investing in new product development and exploring opportunities for add-on acquisitions. We are pleased to welcome Lightyear and Oak as investors and look forward to partnering with them as we continue to serve our customers.”

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About Lightyear Capital LLC
Founded in 2000, Lightyear Capital is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies across the financial services spectrum, including asset and wealth management, banking, brokerage, healthcare financial services, insurance, payments and processing and specialty finance. The firm brings focus and discipline to its investment process, as well as operating, transaction and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com.

About Oak HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in New York, Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.

About Providence Strategic Growth
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners. Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence Equity Partners is a premier, global asset management firm with $57 billion in capital under management across complementary private equity and credit businesses. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 160 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit http://www.provequity.com/private-equity/psg, and for more information on Providence Equity, please visit www.provequity.com.

About Greater Sum Ventures
Greater Sum Ventures (“GSV”) is an operationally-focused, long-term equity investor that provides transformational capital to growth-oriented software/SaaS, technology-enabled information services and technology-enabled business services companies. GSV is headquartered in Knoxville, Tennessee.

Contact:

Therapy Brands:
Travis Dailey
205-203-9736
pr@therapybrands.com

Lightyear:
Elliot Sloane
212-850-5722
elliot.sloane@fticonsulting.com

Oak HC/FT:
Erica Sunkin
212-729-2126
Erica.Sunkin@edelman.com

PSG:
Andrew Cole/Kelsey Markovich
212-687-8080
Prov-SVC@sardverb.com

Newsroom

Anthem, Inc. Completes Acquisition of Aspire Health

Anthem, Inc. (NYSE:ANTM) announced today the completion of its acquisition of Aspire Health, the nation’s largest provider of non-hospice, community-based palliative care for people facing a serious illness.

“Anthem is focused on leading the industry by offering innovative, integrated clinical care models that help to transform how we deliver care, enhance quality and improve outcomes,” said Gail K. Boudreaux, President and CEO, Anthem. “With the addition of Aspire, we are able to expand our capabilities and serve a broader set of consumers in the home and other settings outside of the hospital, while further deepening our relationships within the healthcare community. The addition of Aspire to Anthem’s other clinical care services, such as CareMore and AIM, will provide tremendous benefit to our consumers, customers, health plan and provider partners as well as future growth opportunities for our company.”

Aspire Health offers specialized medical care focused on addressing a patient’s specific symptoms, pain, and stress; and improving quality of life for both patients and their families. Working together with a patient’s medical team, Aspire’s clinicians develop an integrated care plan to help manage symptoms such as pain, shortness of breath, fatigue, nausea, loss of appetite, difficulty sleeping and depression. The company also offers 24/7 support to patients, including nurse practitioner home visits.

Aspire Health will operate as a wholly-owned subsidiary of Anthem, and its associates will join Anthem’s Diversified Business Group. Financial terms of the transaction were not disclosed, and the transaction is expected to be neutral to earnings in 2018 and accretive to earnings in 2019.

About Anthem, Inc.

Anthem is working to transform health care with trusted and caring solutions. Our health plan companies deliver quality products and services that give their members access to the care they need. With over 74 million people served by its affiliated companies, including nearly 40 million within its family of health plans, Anthem is one of the nation’s leading health benefits companies. For more information about Anthem’s family of companies, please visit www.antheminc.com/companies.

Newsroom

Anthem, Inc. to Acquire Aspire Health

Anthem, Inc. (NYSE:ANTM) today announced that the company has entered into an agreement to acquire Aspire Health, the nation’s largest non-hospice, community-based palliative care provider.

“Anthem is focused on enhancing our ability to offer innovative, integrated clinical care models that can improve the quality of healthcare and deliver better outcomes,” said Gail K. Boudreaux, President and CEO, Anthem. “Aspire Health shares our perspective on the increasingly important role of integrated care and has built a unique model that provides palliative care and support services for patients and their families. With the addition of Aspire Health to Anthem’s other clinical care assets such as CareMore Health and AIM, we will be able to offer our consumers, customers, and other health plan and provider partners a broader array of programs and services that meet their diverse needs and drive future growth opportunities for our company.”

Aspire currently provides services under contracts with more than 20 health plans to consumers in 25 states. The company uses proprietary predictive clinical and claims-based patient algorithms to identify patients with a serious illness who may benefit from an extra layer of support. Once patients are identified, Aspire assigns a comprehensive care team that includes physicians, nurse practitioners, nurses, social workers and chaplains. The team works in an integrated approach to address symptom management, patient-family communication, advance care planning and to coordinate care with other medical professionals including primary care, specialty care and in-home care providers. The company also offers 24-7 support to patients, including nurse practitioner home visits any time if necessary.

Aspire was founded in 2013 by former U.S. Senator and physician William Frist and Brad Smith, who serves as Chief Executive Officer of the company.

“Several studies have repeatedly demonstrated how advanced illness programs can provide high patient and family satisfaction, reduce hospitalization, and decrease costs,” said Smith. “As part of Anthem, we believe we will be able to further scale our model and positively impact the lives of even more consumers and families, making home-based advanced illness care available to patients who need it.”

Financial terms of the transaction were not disclosed. The acquisition is expected to close in the third quarter of 2018 and is subject to standard closing conditions and customary approvals required under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to be neutral to earnings in 2018 and accretive to earnings in 2019.

About Anthem, Inc.

Anthem is working to transform health care with trusted and caring solutions. Our health plan companies deliver quality products and services that give their members access to the care they need. With over 74 million people served by its affiliated companies, including nearly 40 million within its family of health plans, Anthem is one of the nation’s leading health benefits companies. For more information about Anthem’s family of companies, please visit www.antheminc.com/companies.

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent otherwise required by federal securities laws, we do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof. These risks and uncertainties include, but are not limited to: the impact of federal and state regulation, including ongoing changes in the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended, or collectively the ACA; trends in healthcare costs and utilization rates; our ability to contract with providers on cost-effective and competitive terms; our ability to secure sufficient premium rates including regulatory approval for and implementation of such rates; reduced enrollment; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon, our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services, or CMS, Star ratings and other quality scores and funding risks with respect to revenue received from participation therein; competitive pressures, including competitor pricing, which could affect our ability to maintain or increase our market share; a negative change in our healthcare product mix; our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; costs and other liabilities associated with litigation, government investigations, audits or reviews; the ultimate outcome of litigation between Cigna Corporation, or Cigna, and us related to the merger agreement between the parties, including our claim for damages against Cigna, Cigna’s claim for payment of a termination fee and other damages against us, and the potential for such litigation to cause us to incur substantial costs, materially distract management and negatively impact our reputation and financial positions; medical malpractice or professional liability claims or other risks related to healthcare services provided by our subsidiaries; possible restrictions in the payment of dividends by our subsidiaries and increases in required minimum levels of capital; the potential negative effect from our substantial amount of outstanding indebtedness; a downgrade in our financial strength ratings; the effects of any negative publicity related to the health benefits industry in general or us in particular; unauthorized disclosure of member or employee sensitive or confidential information, including the impact and outcome of any investigations, inquiries, claims and litigation related thereto; failure to effectively maintain and modernize our information systems; non-compliance by any party with the Express Scripts, Inc. pharmacy benefit management services agreement, which could result in financial penalties, our inability to meet customer demands, and sanctions imposed by governmental entities, including CMS; state guaranty fund assessments for insolvent insurers; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; regional concentrations of our business and future public health epidemics and catastrophes; general risks associated with mergers, acquisitions and strategic alliances; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; changes in U.S. tax laws; intense competition to attract and retain employees; various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations; and general economic downturns.

Contacts

Anthem, Inc.
Investor Relations
Chris Rigg, 317-488-6887
Chris.rigg@anthem.com
or
Media
Jill Becher, 414-234-1573
jill.becher@anthem.com

Newsroom

Oak HC/FT Strengthens AI and Machine Learning Expertise with Senior Advisor, Nuno Sebastiao

By Tricia Kemp and Oak HC/FT

We are thrilled to announce that Nuno Sebastiao has joined Oak HC/FT as a Senior Advisor to the FinTech team. Nuno will support our team as they continue to identify and invest in companies that are positioned for accelerated growth.

As Co-Founder and CEO of Feedzai, an existing Oak HC/FT portfolio company, Nuno is a recognized leader in artificial intelligence and machine learning. With his experience and expertise, Nuno will provide guidance on vital trends and patterns in AI and machine learning, which are significant drivers of tech-enabled services in both FinTech and Healthcare today.

“We are proud to welcome Nuno to Oak HC/FT as a Senior Advisor and look forward to collaborating with him in new, exciting ways,” said Patricia Kemp, Co-Founder & General Partner at Oak HC/FT. “As artificial intelligence and machine learning continue to drive the fintech sector, I am confident that Nuno’s unparalleled experience and insights will prove invaluable to our team.”

“Since joining the Oak HC/FT family in 2015, I have been able to experience the successful, hands-on partnerships they create with entrepreneurs and portfolio companies,” said Nuno Sebastiao. “In this new partnership at the firm, I look forward to working closely with the entire team and leveraging my experience as a CEO to help other entrepreneurs ready to execute their visions.”

Since founding Feedzai in 2010, Nuno and his team have used cutting edge machine learning techniques to create the world’s most robust risk management platforms, empowering enterprises like Capital One, First Data and Citibank to fight fraud in real-time. Feedzai is a constant presence in leading industry rankings such as Forbes Fintech 50, Europe Tech 50 and IQT Most Innovative AI Startups. Nuno is a member of the World Economic Forum’s Digital Leaders and Forbes Fintech Council and has been named London Business School’s Entrepreneur of the Year and number one on Exame Magazine’s 40 under 40 leaders.

Nuno’s appointment follows exciting additions to the Oak HC/FT team this year, including Billy Deitch, who joined the Healthcare team as Principal, and Dan Petrozzo, who joined the FinTech team as Venture Partner.

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