Revance Therapeutics announces the signing of a definitive agreement to acquire financial technology company, Hint, Inc., and its proprietary financial technology platform designed for the aesthetic practice.
Aesthetic biotechnology company, Revance Therapeutics, Inc., known for its neuromodular, DaxibotulinumtoxinA (DAXI) and line of RHA fillers, recently announced signing a definitive agreement to acquire Hint, Inc.
Hint, Inc. who also does business under the name HintMD, is a privately held company that has an integrated financial technology (fintech) platform specifically designed for the aesthetic specialty.
Hint’s platform streamlines the patient checkout experience with a vertically integrated payments platform (PayFac) that provides analytic and trend data not typically available through traditional credit card processors and legacy systems, according to the press release announcing the acquisition agreement.
“Additionally, the HintMD platform enables secure, contactless patient checkout and seamless point-of-sale processing, particularly relevant in today’s COVID-19 environment,” says the company.
The Hint platform also provides the opportunity to create patient loyalty programs and offer subscription solutions with its recurring billing and wallet technology tools.
“The open nature of the HintMD platform allows practices to offer their own patient loyalty programs and integrate existing brand rewards plans, while also facilitating third-party transactions, thus lowering administration time, enabling easier access of rewards, and improving payment reconciliation,” according to the release.
The company has agreed to pay Hint’s shareholders a total of $8.54 million shares of Revance common stock. This agreement is subject to adjustments provided in the acquisition agreement.
“Revance expects its financial guidance for 2020 non-U.S. generally accepted accounting principles (GAAP) operating expense, which includes integration costs but excludes depreciation and stock-based compensation costs, to remain between $200 to $230 million,” according to the release.
The transaction is expected to close in the third quarter of 2020.
“We’re delighted that HintMD will be joining the Revance family upon completion of this acquisition,” says Aubrey Rankin, CEO and Co-Founder of Hint. “We created the HintMD platform to provide a seamless, simple and smart payment solution that empowers modern dermatology and plastic surgery practices to improve office management, analytics and economics. We also aim to elevate the patient experience, providing aesthetic practices with unique subscription and loyalty programs that increase patient engagement, treatment compliance, and satisfaction. Our team’s mission has always been to focus on delivering a win-win solution to our physician customers and their patients, which is core to the DNA of the Revance team. We look forward to working together with Revance, and their impressive portfolio of premium injectables, to create a highly synergistic and competitive offering for aesthetic practices."