Vitality Group International acquires Icario

● STRATEGIC | HEALTHCARE · Payer & Population Health

SEPTEMBER 3, 2026

Vitality Group International (Discovery) acquires Icario (CVC Capital Partners)

TARGET

Member engagement and health action platform for US health plans offering health risk assessments, care gap closure, Medicare Star Ratings improvement, and personalized incentive programs for Medicaid, Medicare Advantage, and DSNP populations.

Deal value	$59.5M total consideration
Ownership	PE-backed · CVC Capital Partners (prior owner); CVC Capital Partners, Noro-Moseley Partners
Headcount	201-500 FTEs
Headquarters	Minneapolis, Minnesota
Leadership	Marc Willard, Chief Executive Officer
Sell-side advisor	KeyBanc Capital Markets

ACQUIRER

Vitality Group International

Global behavioral-change engagement platform serving health plans and employers to drive better health outcomes through data, behavioral science, and incentives

Ownership	Subsidiary · Discovery Limited (parent)
Headcount	559 FTEs
Headquarters	Chicago, Illinois
Leadership	Maia Surmava, CEO - Vitality US
Buy-side advisor	KeyBanc Capital Markets

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Vitality Group International -> Icario  (2026-09-18)
strategic_acquisition | Healthcare | $59.5M total consideration | closed
Target: Member engagement and health action platform for US health plans offering health risk assessments, care gap closure, Medicare Star Ratings improvement, and personalized incentive programs for Medicaid, Medicare Advantage, and DSNP populations.
Website: icariohealth.com | Buyer site: vitalitygroup.com
HQ: Minneapolis, Minnesota | Ownership: pe-backed | Seller: CVC Capital Partners | Buyer sponsor: Discovery Limited | Buyer ownership: subsidiary
Advisors - Sell-side: KeyBanc Capital Markets; Buy-side: KeyBanc Capital Markets
Source: Thematic - https://thematichq.com/software/d/vitality-group-international-icario.html

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