Walmart acquires CareZone's health service digital technology

Families can use the app to scan labels or insurance cards to speed and simplify the process

Walmart has made a move to boost its health services.

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The retailer announced on Monday that it has purchased the technology platform, patents and key intellectual property of CareZone.

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CareZone has developed a mobile app that helps individuals and families manage medicine and chronic illness for each member of the household. Families can use the app to scan labels or insurance cards to speed and simplify the process.

The purchase will add to Walmart's Health & Wellness capabilities and support its focus on digital health care solutions.

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In a Walmart statement, "Acquiring the technology platform of CareZone is another example of our continued commitment to helping lower the cost of healthcare for our 160 million customers who shop Walmart each week, while offering convenient options across multiple channels to help them manage their health and wellness."

TickerSecurityLastChangeChange %
WMTWALMART INC.129.97+0.62+0.48%

According to a survey of U.S. customers, cost is the top barrier to healthcare for 43 percent of Walmart shoppers, followed by convenience and access.

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“The goal of any technology startup is to build a product or experience that touches the lives of as many people as possible,” said Walter Smith, co-founder and chief technology officer of CareZone. “Adding our technology platform to Walmart’s existing digital capabilities and physical reach creates a unique opportunity to redefine what the future of digital health and wellness can look like."

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CareZone will remain a separate company unrelated to Walmart.