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Stage

Acquired | Acquired

About Sparrow

Sparrow aims at improving the mailing experience with Apple Macintosh by using its proprietary software. Currently compatible only with Gmail, the company plans to scale to other IMAP-compatible mail providers. In July 2012, Sparrow was acquired by Google. The valuation of Sparrow was undisclosed but rumored to be just under $25 million. Other terms of the deal were not released.

Headquarters Location

France

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Sparrow Patents

Sparrow has filed 18 patents.

The 3 most popular patent topics include:

  • sensors
  • spectroscopy
  • hazardous air pollutants
patents chart

Application Date

Grant Date

Title

Related Topics

Status

4/15/2020

12/26/2023

Drilling technology, Petroleum production, Oil wells, Petroleum engineering, Petroleum geology

Grant

Application Date

4/15/2020

Grant Date

12/26/2023

Title

Related Topics

Drilling technology, Petroleum production, Oil wells, Petroleum engineering, Petroleum geology

Status

Grant

Latest Sparrow News

Michigan Medicine’s Sparrow deal is done. Now comes the hard part.

Apr 11, 2023

April 11, 2023 05:45 AM University of Michigan's integration of the newly acquired Sparrow Health will take up to two years, according to officials from both organizations. Michigan Medicine, the health system arm of the university, finalized the acquisition of the embattled Lansing system last week in a deal where no cash exchanges hands. Michigan Medicine did promise to invest $800 million into Sparrow over eight years as part of the deal. Logistically, the two systems are already underway in determining the background technology systems and procurement procedures that will ultimately live out at both institutions. The services offered at Sparrow's five hospitals will likely face a shake-up as well, David Miller, president of UM-Health, told Crain's. "We are early in the process, but we're asking how do we build the most effective statewide network," Miller said. "What services are available in each local network, that's a process that is under development. It's a process we're trying to move forward with pace but also mindful of making errors if we move too fast. We know some services should be hyper-local and some should not. We see a lot of this work emerging over the next 12 to 24 months in regards to clarification on core aspects of our services." John Pirich, chair of Sparrow's board, said he hopes the partnership leads to an expansion of services for Sparrow patients, but that could mean seeing specialists for more complex care in Ann Arbor, roughly an hour drive between the two landmark hospitals, or keeping them in Lansing and having that specialty care closer to home. "A significant goal of all of this is to keep the patients in our communities as close to home as possible," Pirich said. "We have five hospitals in the Sparrow system and together we can build clinical services that support care delivery much closer than referring patients elsewhere." The two systems have a roadmap to follow. Michigan Medicine and Sparrow signed an affiliation agreement in 2019 that integrated pediatric services from Ann Arbor at the Sparrow Children's Center in Lansing. "We have an established track record with Sparrow," Miller said. "The pediatric joint venture led to an expansion of services and was successful for both of us. Now we move in a similar way to offer a broader array of services where we can." But Miller did recognize the financial situation at Sparrow may cost it some services as it tries to stabilize the system. Sparrow reported a $171.5 million loss last year, compared to a $67.8 million loss in 2021. The system was hardest hit by rising wages for its staff. Compensation and benefits expenses grew by more than $55.2 million in 2022 over the year prior. Coupled with a more than $65.4 million reduction in reimbursement year-over-year put Sparrow in a tough financial position. The troubling financial picture wasn't unique to Sparrow as Livonia-based Trinity Health reported a $298 million operating loss for the first half of its 2023 fiscal year and $1.4 billion loss for its 2022 fiscal year. Last month, Henry Ford Health reported a $234 million loss in 2022. "The level of distress that's running through the industry right now is unprecedented," said John Bodine, managing director for the health care practice at Chicago-based advisory firm Huron Consulting Group. "That (federal stimulus) lifeline a lot of organizations received during COVID is gone. The equity markets last year were horrible, which decimated the portfolios that act as their cushion. Interest rates were rising dramatically, so borrowing costs were way higher. Balance sheets are weakened. Then add in labor costs. The cost structure of health systems and hospitals have increased at most organizations, likely permanently." Miller didn't commit to which services may be relocated out of Sparrow or where the two systems have too much overlap, but said the next two years are as much about stabilizing costs for Sparrow as it is about which services to expand or cut. "It's a combo of core operations and the services portfolio," Miller said. "From a core operations perspective, we need to think about what services to provide with the right delivery while also expanding (higher margin) specialty services. Then look to opportunities to gain from the expertise of the whole integrated system. There is a tension we face between the need to move forward with new delivery models and weathering this era of (financial) stabilization in the industry."

Sparrow Frequently Asked Questions (FAQ)

  • What is Sparrow's latest funding round?

    Sparrow's latest funding round is Acquired.

  • Who are the investors of Sparrow?

    Investors of Sparrow include Google and Kima Ventures.

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