Castlight +25.00% Announces Alliance with SAP to Lower Healthcare Costs

Destiny A. Lopez  |

For business, priority number is, or should be, its employees. A company only runs as effectively as effectively as its workforce; and, ensuring the quality and ease of choosing a healthcare plan that is best for their needs can help keep employees healthy, and employers happy. Castlight (CSLT), a health benefits cloud-based software provider, aims to help companies offer cost effective healthcare solutions while, for employees, removing the overwhelming aspect in choosing and maintaining their healthcare plan.

The Castlight healthcare toolbox provides a platform that aims to solve engagement, visibility and integration barriers by increasing satisfaction, lower costs and improve outcomes.

According to the company’s official website, the company has captured the attention of major media outlets, such as The New York Times, TechCrunch, and Forbes, because its innovative platform is capable of the following:

  • Can support customers with all major carriers covering 90% of self-insured lives in the US.
  • Can integrate to more than 50 health and wellness benefit programs.
  • Offers top of the line security regarding patient information via a multi-step process for employee identification and authentication.
  • Can reduce employee healthcare spending up to 7% below trend.
  • Can help ensure employees fully understand, value, and engage with their health benefits.

Up 25% today, the company has made recent headlines with its most recent development. Announced today, Castlight plans for a strategic, multi-pronged business alliance with SAP where Castlight Health plans to play a pivotal role as an early participant in the development of the SAP® Connected Health platform.

The goal of this partnership is to deliver integrated healthcare technologies aimed at helping lower healthcare costs, improve outcomes and increase benefits satisfaction.

"Castlight is very honored to work with SAP as they build and grow the network around SAP Connected Health. There is tremendous synergy between Castlight and SAP's vision for connected health as well as its existing and market-leading HCM suite," said Giovanni Colella, M.D., co-founder and CEO of Castlight Health. "We believe that this is a tremendous opportunity; our two companies have significant potential to improve outcomes, lower healthcare costs, and increase benefits satisfaction."

Furthermore, the company revealed revenue increased in its Q1 2016 financial results. Ending on March 31, 2016, Castlight reported a 42% increase in revenue when compared to 2015 Q1 data. "During the first quarter, we continued to make progress on key initiatives such as developing channel and ecosystem relationships, as well as successfully deploying our solutions including our newest products,” said Colella. “As such, we were able to exceed our first quarter revenue guidance and improve our gross margins.”

For both business and employees, it's vital to take healthcare benefits seriously. By making benefits cost effective, easy to understand, and transparent, Castlight is positioned to transform the relationship between business, employee and healthcare provider for the better.

For more information about Castlight Health, visit www.castlighthealth.com.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.


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Symbol Name Price Change % Volume
CSLT Castlight Health Inc. Class B 1.25 -0.06 -4.58 599,165 Trade

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