Free & Clear sold for $130M |
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Mass High Tech
Free & Clear sold for $130M
Free & Clear, a Seattle company whose programs are used by companies and government agencies to boost the health and wellness of employees, has been sold to Waltham, Mass.-based Inverness Medical Innovations for up to $130 million. Free & Clear is best known for its Quit For Life telephone-based smoking cessation programs, but also has recently added nutrition and stress reduction programs.
It tallied $47.1 million in sales last year, working with more than 15 state governments and 275 businesses.
Free & Clear was spun off from the Group Health Cooperative in 2003 in a deal led by Polaris Venture Partners, Three Arch Partners and Kaiser Permanente Ventures. At the time of that move, the company raised $10 million.
The acquisition includes an upfront $100 million cash payout, with an additional $30 million if milestones are met. For the past five years, Free & Clear hs been led by former Applied Discovery and Pointshare executive Tim Kilgallon.
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