Tendo is growing by 40 employees with the acquisition of MDSave

Philadelphia-founded cloud healthcare platform Tendo announced this week the acquisition of Nashville-based healthcare marketplace MDSave.

Dan Goldsmith, cofounder and CEO of the venture-backed Tendo (a 2022 RealLIST Startups honoree), told Technical.ly the two companies were originally introduced a year ago through a mutual business colleague.

While the original intention of connecting wasn’t an acquisition, Goldsmith said both companies prioritize improving patients’ experiences and realized the opportunities that could come about from working together.

“We recognize from a technology and offering perspective, the combination of a modern technology platform that we’re building at Tendo, world-class consumer applications that streamline patient experiences and clinician experiences and experiences for navigators with advanced analytics, and now with the MDSave network and marketplace, create a really compelling and comprehensive solution that can serve all of the stakeholders in healthcare, patients, clinicians, caregivers, employers, as they’re trying to provide good healthcare to their employees as well,” Goldsmith said.

A spokesperson for Tendo declined to disclose the financial details of the deal, but noted it was funded from the company’s balance sheet. Modern Healthcare reported the deal was worth $150 million.

We are not disclosing the details of the deal but Modern Healthcare already shared some data in their article. We did fund the deal off of our balance sheet.

All 40 MDSave employees are joining Tendo, increasing its headcount to about 160 employees. While Goldsmith and his cofounder, Jennifer Goldsmith, are both still based in Chester County, the company has employees across the country with hubs in Philly, San Francisco, Salt Lake City, San Diego and now Nashville. The local teammates often work together in a Center City WeWork and a coworking space in West Chester.

“We’re a Philadelphia-based company. That’s who we are. But we really are a diverse company, as well,” Goldsmith said. “And I think that diversity of backgrounds, locations and experiences really adds to the vibrancy of the culture within the company and frankly, the creativity of solutions.”

Looking forward, Goldsmith said the company plans to focus on combining the two companies in a way that still prioritizes customer experiences, access and affordability.