Topspin Partners buys online information company Remedy Health
Topspin Partners, an investment fund started on Long Island, has purchased online information company Remedy Health Media LLC for an undisclosed amount, executives announced Wednesday.
Topspin, which is based in Mamaroneck, will have a controlling interest in Manhattan-based Remedy, which is best known for its HealthCentral website.
Remedy employs about 80 people in Manhattan and Arlington, Virginia.
Topspin managing partner Leigh Randall said Remedy “has differentiated itself” with its “Live Bold, Live Now” video stories about patients coping with chronic conditions and accomplishing great feats. The patients also offer advice to those suffering from similar diseases.
The stories, produced in conjunction with the University of California-Berkeley, “will continue to drive [Remedy’s] growth going forward,” Randall said.
Under the purchase agreement, Remedy CEO Mike Cunnion and other top executives will remain with the company.
Cunnion said Wednesday Topspin is “an ideal partner to help Remedy maximize its potential.”
In addition to the HealthCentral site, Remedy also operates HealthCommunities.com, Breastcancer.org, BerkeleyWellness.com, TheBody.com and medical newsletters and magazines delivered to doctors’ offices and pharmacies. The company has an audience of more than 200 million people, according to its website.
Topspin executive Nick Fazzari said Remedy is profitable. It is among 10 companies that the investment fund owns outright. Also among them is Hauppauge-based hair products company JD Beauty Group.
Topspin was started in 2000 by Leo Guthart, then CEO of home security systems manufacturer Ademco in Syosset, and James Simons, founder of the Renaissance Technologies hedge fund in East Setauket and former Stony Brook University professor.
A separate investment fund, Topspin Ventures, is based in Roslyn. It invested in 10 local startups with Jove Equity Partners in Setauket and the Accelerate Long Island Seed Fund in 2012-15. Topspin has since invested more in several of the startups.
CORRECTION: An earlier version of this story listed Leo Guthart’s first name incorrectly.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
