Tech-Enabled Honor Buys Home Instead Home Care Network
Honor Technology Inc. has acquired Omaha, Neb.-based Home Instead Inc., pairing Honor’s technology and operations platform with Home Instead's large home care network.
The combined organization represents more than $2.1 billion in home care services revenue and the combined organization said it is now the largest player in the projected $500 billion home care industry. Financial terms of the acquisition were not disclosed. The combined company will support the work of more than 100,000 professional caregivers.
San Francisco-based Honor is privately held. Investors include Andreessen Horowitz, Baillie Gifford, fund advised by T. Rowe Price Associates, Inc., Rock Springs, Prosus Ventures, Thrive Capital, and 8VC. The company said it would substantially increase its investment in research and development through engineering and technology. Honor and Home Instead also plan to extend their advocacy and social purpose initiatives. They said the combination will empower professional caregivers and enable millions more older adults across the globe to receive the support they need.
"For the past 27 years, Home Instead has demonstrated a powerful combination of leadership, passion, and innovation — elevating the standard of care globally and becoming the respected industry leader," said Seth Sternberg, co-founder and CEO of Honor, in a statement. "This is an incredibly exciting moment as we bring together the preeminent global home care brand and network with the best technology and operations platform to provide an even more amazing caregiver and client experience."
The Home Instead network will operate under the Home Instead name as a subsidiary of Honor. The Honor Care Network will continue under the Honor name. Seth Sternberg will continue in his role as CEO of Honor. Jeff Huber will report to Sternberg and continue to lead Home Instead as CEO, maintaining the brand that people have come to know and trust along with the high-quality care delivered to millions of older adults and their families.
"The pandemic turned a simmering back-burner issue into an urgent, global human crisis for older adults. It's a simple truth: The way the world cares for older adults must evolve," Huber said. "The hospital of the future is the living room. And that future will be fueled by a vibrant, respected workforce delivering care with skill and compassion."
