Press Release: MTM, Inc. Announces Major Acquisition of Veyo
June 9, 2022
LAKE SAINT LOUIS, Mo., June 08, 2022 (GLOBE NEWSWIRE) — Alaina Macia, President and CEO of MTM, Inc. headquartered in St. Louis, Missouri, has announced the acquisition of Veyo, a non-emergency medical transportation (NEMT) company based out of San Diego, California.
For more than 25 years, MTM has secured its place as an industry leader, working to develop innovative solutions that help people easily and reliably access NEMT options within their communities. MTM is one of the largest NEMT brokers in the nation, scheduling more than 13 million trips for Medicaid and Medicare members nationwide. As a result of the acquisition, MTM’s total annual revenue will be approximately $1 billion. The organization will now provide 20 million trips each year to 16 million people in 31 states and the District of Columbia.
Macia said the partnership will transform the medical transport industry by bringing together two talented organizations that share the goal of making it easier for people to quickly and conveniently access care. MTM’s experience partnering with traditional networks of transportation providers and public transit resources, paired with Veyo’s innovative Independent Driver Provider (IDP) shared ride model, will deliver the industry’s most robust NEMT experience.
“The union of the MTM and Veyo teams will allow us to achieve our vision of communities without barriers more comprehensively than ever before,” Macia said. “By joining our talented tech and customer service teams, we’ll accelerate our road map while bringing greater transparency, service improvements, and self-service tools to our clients and their members—each of which are incredibly important factors as we strive to achieve our goal of zero missed trips. Ultimately, we’re going to improve our members’ quality of life by ensuring they can always get to necessary medical appointments when they need to.”
Veyo, established seven years ago, sought to reinvent the traditional NEMT model by utilizing data, technology, and their IDP model to improve access to care. Josh Komenda, Veyo CEO and co-founder, will stay on board with MTM in a leadership role. Komenda said this partnership will merge both companies’ strengths.
“While technology and innovation are incredibly important, so is the human touch, and that’s where our vision for the future lies,” said Komenda. “With this fusion of our companies, we’re bringing together the best of both worlds: MTM’s customer service focus and Veyo’s technology prowess and IDP model. It is going to allow us to do all the things we set out to do—improve patient lives as well as the overall healthcare system—at a large scale and faster.”
MTM is the nation’s most trusted and qualified partner for healthcare, transportation, and logistics solutions. Since 1995, MTM has managed NEMT for state and county governments, managed care organizations, health systems, and other programs involving transportation for the disabled, underserved, and elderly. Leveraging technology to streamline processes and improve the user experience for all stakeholders, MTM’s wide spectrum of services helps clients improve health outcomes, promote independence, reduce costs, and increase satisfaction. In 2009, MTM’s leadership established MTM Transit, an affiliate that provides direct paratransit and fixed-route transit services. Every year, MTM and MTM Transit collectively remove community barriers for 10 million people by providing more than 13 million trips in 29 states and the District of Columbia. MTM and MTM Transit are privately held, woman-owned business enterprises.
This is a proposed transaction and has not yet closed. It is subject to the receipt of all necessary regulatory approvals. JP Morgan is acting as financial advisor to MTM and Dentons US LLP is acting as legal advisor. Wells Fargo Securities LLC is acting as financial advisor to Veyo and Greenburg Taurig, LLP is acting as legal advisor.
For inquiries, contact: Jessica Williams, 618-772-2349