PROVIDENCE – Provant Heath Solutions Inc., based in East Greenwich, and Hooper Holmes Inc., a publicly traded company based in Olathe, Kan., have completed their merger, which was effective May 11.
That merger creates the industry’s largest publicly traded pure-play health and well-being company, the companies’ joint statement indicates.
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A pure-play health and well-being company only provides health and wellness programs to companies to help employees improve their health through coaching, screening, wellness portals and incentives in contrast to companies that offer those services through their health plans or insurance, Hooper Holmes CEO Henry Dubois told Providence Business News.
Calling the new entity a “true merger of equals,” Dubois said Provant will operate under its own name.
Mark Clermont, the former president of Provant, is now president of Hooper Holmes.
“We’re able to maintain senior leadership on both sides to combine into one team … and yield more benefits,” said Dubois, who grew up in Woonsocket and now lives in the Washington, D.C., area.
Although both companies offered similar services, they hadn’t competed in the sizable industry market.
“It’s important that our clients know we are delivering services as Provant and Hooper Holmes,” said Clermont. “With both companies seeing great opportunities to leapfrog forward in terms of scale, we have the ability to double in size.”
That growth, said Dubois, will reap benefits for customers and shareholders.
For the time being, no corporate name change is on the horizon for the company, which now has about 300 employees, fairly evenly split between East Greenwich and Olathe. The company, said Dubois, plans to leverage Provant’s strong capabilities across both locations.
“We’re offering a best-in-class partner for employers … with this merger,” said Clermont, as the merger creates a larger cohort of employees, increases access to more-sophisticated technology and provides combined access to more than 20,000 health care providers.
Nancy Kirsch is a PBN contributing writer.
