Together, Honor and Home Instead are uniquely positioned to empower the caregiving workforce and increase innovation to revolutionise care for the growing ageing population
Honor Technology, Inc has acquired Home Instead, Inc, effective 6 August 2021. The acquisition brings together the world’s biggest home care brand - and UK’s largest home care network - with the leading home care technology and operations platform to transform the caregiver and client experience and revolutionise care for older adults. The financial terms of the acquisition were not announced.
Honor’s technology and operations platform, paired with Home Instead’s leading global network, training leadership and relationship-based care, will serve as a foundation for a dramatic increase in innovation to benefit caregivers and clients through expanded offerings.
“For the past 27 years, Home Instead has demonstrated a powerful combination of leadership, passion, and innovation—elevating the standard of care globally and becoming the respected industry leader,” said Seth Sternberg, co-founder and CEO of Honor. “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.”
To drive innovation, Honor 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. The combination will empower professional caregivers and enable millions more older adults across the globe to receive the support they need now and in the future.
“These two organisations share one passion: transforming the care experience for older adults around the world,” said Jeff Huber, CEO of Home Instead. “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.”
“Nobody has been able to figure out how we deliver high-quality care at scale, until now,” said Marc Andreessen, co-founder and general partner at the venture capital firm Andreessen Horowitz. “This acquisition fundamentally transforms the senior care space, flipping it from analogue to digital. Technology will drive operational efficiency and personalisation 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.”
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. Seth Sternberg will continue in his role as CEO of Honor. Jeff Huber will report to Sternberg and continue to lead Home Instead as CEO, maintaining the brand that people have come to know and trust along with the high-quality care delivered to millions of older adults and their families.
Together, Honor and Home Instead will focus on the professional development of caregivers and use technology as a foundation to strengthen the relationship between caregiver and client. This will further enhance the career opportunities for Home Instead 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.”
There is a severe shortage of professional caregivers across the globe, as outlined in the 2021 report
>Building the Caregiving Workforce Our Ageing World Needs. As a result of this combination, Honor and Home Instead will continually enhance training opportunities for caregivers. Honor’s easy-to-use interactive app gives caregivers access to more hours and allows them to participate more in the process, which improves their overall satisfaction.
“Our primary focus is treating caregivers with respect and providing them with the tools they need to succeed. We call it Care for Care Pros,” Sternberg said. “We know that if we care for our caregivers, they’ll, in turn, provide even better care for our parents.”
“Senior care should always be a personal, high-touch experience,” Jones said. “Technology will make that experience more personal and more high-touch.”
Guggenheim Securities, LLC served as the exclusive financial advisor, and Lathrop GPM LLP served as legal counsel to Home Instead in this transaction. SVB Leerink acted as financial advisor, and Fenwick & West LLP served as legal counsel to advised Honor.