JP Morgan Chase CEO Jamie Dimon, an iconic leader in the financial community, came to Philadelphia yesterday to welcome InstaMed officially to the family, as the acquisition announced in May closed. InstaMed put itself up for sale in February.
I’ve seen the price mentioned as anywhere between $500 and $600 mllion.
Senior leadership, including the co-founders, CEO Bill Marvin and CTO Chris Seib, are staying on. Headcount is now at 275, according to a post by the co-founders. InstaMed’s data center operations remain in Newport Beach, CA.
Ownership by Morgan Chase likely means acquisitions will be more of a possibility. Instamed’s growth was completely organic.
InstaMed, founded in 2004 , raised $134 million. Osage Venture Partners, which was part of InstaMed’s early venture round, was one of the biggest beneficiaries of its success.
Financial Technology Partners LP and Pepper Hamilton LLP advised InstaMed, and Morgan Lewis & Bockius LLP advised InstaMed management.
Dimon was also in town last month for BIO 2019.