Walmart Inc (NYSE: WMT) has sold its virtual care subsidiary MeMD to healthcare technology startup Fabric for an undisclosed sum. The acquisition builds on MeMD’s previous technology partnership with Fabric to streamline patient intake and documentation.
After five years in business, Walmart announced in April 2024 that it would close 51 Walmart Health centers, as well as Walmart Health Virtual Care.
Fabric said the acquisition would help it expand its solutions for employers and payers and advance the company’s behavioral health strategy.
Founded in 2010 and acquired by Walmart in 2021, MeMD provides on-demand medical and behavioral health services to millions of members nationwide.
In February 2024, Fabric announced its $60 million Series A investment led by General Catalyst with continued participation from Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, Box Group, and Atento Capital. At the time, the company said the investment was a “validation of our care enablement system that improves patient access while driving clinical and operational efficiency from symptom onset to virtual and in-person treatment and post-visit engagement.”
The company said its enterprise customer base includes Luminis Health, OSF HealthCare, MUSC Health, Highmark and Intermountain Health.
“The MeMD team has built a leading virtual care offering and we are thrilled to welcome them to Fabric,” said Aniq Rahman, Fabric’s founder and CEO, in a statement. “This acquisition aligns with our strategic vision to transform healthcare delivery through innovative technology and exceptional patient care. The combination of our teams, technology and physicians strategically positions Fabric to rapidly expand across insurers, employers and provider organizations.”
