San Francisco-based Honor Technology has acquired Home Instead in a bid to revolutionise the care experience for older adults across the world.
Announcing the acquisition, the partners said Honor’s technology and operations platform, paired with Home Instead’s global network, training and relationship-based care, will serve as a foundation for a “dramatic increase in innovation” to benefit caregivers and clients.
Together, the partners represent more than $2.1 billion in home care services revenue. The financial terms of the acquisition have not been disclosed.
Seth Sternberg, co-founder and CEO of Honor said: “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. Never before in the history of the world has a company had this much reach or this much investment in technology to solve caring for ageing adults, their loved ones and those who care for them.”
As part of the deal, 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.
To drive innovation, Honor said it will “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.
Jeff Huber, CEO of Home Instead said: “These two organisations share one passion: transforming the care experience for older adults around the world.
“For years, our commitment has been to create the world we want to grow older in. This transaction adds fuel to that commitment. Combining the strengths of these companies moves our passion from aspirational vision to inevitable impact.”
Under the new partnership, Honor and Home Instead will focus on the professional development of caregivers and use technology to strengthen the relationship between caregiver and client.
Home Instead said this will further enhance career opportunities for its caregivers in the UK, where there are currently 4,500 open vacancies.
Martin Jones, Home Instead UK CEO said “The pandemic turned a simmering backburner 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. The hospital of the future is the home. And our future will be fueled by a vibrant, respected workforce delivering care with skill and compassion. It’s an expectation we need to embrace and quickly – we’re delighted to be leaders.”
Founded in 2014, Honor brings technology solutions, operational support and a large pool of caregivers to independently-owned home care agencies across the US.
Marc Andreessen, cofounder and general partner at the venture capital firm Andreessen Horowitz, said: “Nobody has been able to figure out how we deliver high-quality care at scale, until now.
“This acquisition fundamentally transforms the senior care space, flipping it from analog to digital. Technology will drive operational efficiency and personalization at scale, which is the only way to meet the skyrocketing needs of the baby-boom generation. If we increase our capacity to care, the next generation – and those after – will reap the benefits as well.”
Caption: Honor CEO Seth Sternberg (left) and Home Instead CEO Jeff Huber.