SOC Telemed struck a deal to be acquired by private equity healthcare investment firm Patient Square Capital. SOC Telemed would be private upon completion of the deal.
SOC Telemed specializes in acute telemedicine services for hospitals, health systems and providers. Under the terms of the merger, SOC Telemed will become a private company with the resources to invest in its clinical offerings and grow its customer base, according to a Feb. 3 press release.
"Today's announcement validates SOC Telemed's market-leading, technology-enabled clinical services platform for acute care telemedicine, which we have deployed across more than 1,000 facilities nationwide," Chris Gallagher, MD, CEO of Soc Telemed, said in the release.
Dr. Gallagher will stay on as CEO, a position he assumed in September 2021.
The board of directors of SOC Telemed approved the deal and recommended company stockholders do the same.