Courtesy / Maine Encyclopedia
Madena Ltd. currently operates out of the Journal Building in downtown Biddeford.
Updated: January 28, 2021
Biddeford health tech firm sold for $7.3M
Courtesy / Cody Consulting, Madena Ltd.
Deb Mabari, left, and Denyse Wise have known each other for years, and on Wednesday announced the acquisition of Wise's business for $7.3 million.
By William Hall
A health care firm whose founder moved her home and some of her operations to Biddeford four years ago has sold the business to a Florida company for $7.3 million.
Madena Ltd., which provides consulting and software for health insurance plans, was purchased in a private stock transaction by CODY Consulting Group, according to a news release Wednesday.
CODY, based in Tampa, is a health care technology and consulting company that currently works with over 60 government-funded and commercial health plans to improve regulatory compliance, manage benefit data, and streamline member communications.
CODY founder and CEO Deb Mabari told Mainebiz Wednesday there are no plans to downsize or relocate Madena’s half dozen employees in downtown Biddeford. In fact, she expects to be hiring soon, although she can’t say exactly where yet.
CODY’s 40 employees work “100% virtually,” she said, so there are staff throughout the country, including in Maine. Madena has another dozen employees in Englewood, Colo., where CEO Denyse Wise co-founded the company in 2012.
She moved to Biddeford in 2017 and set up an office there “to be closer to family and because I fell in love with Maine,” she told Mainebiz.
“My family on my father’s side is from Maine so in some way I was returning home.”
The firm occupies the third floor at 11 Adams St., the historic Journal Building, which served as the home of the Biddeford Journal newspaper from 1906 to 1975.
Wise will now work as chief administrative officer of CODY.
“We are thrilled to be in Biddeford and part of the transformation happening in this historical mill town,” she said. “The [city] is supportive and welcoming to all entrepreneurial small businesses … and the costs of operating a location here are affordable enough to not impact our business development plans.”
Both Wise and Mabari said the combination of their businesses will be better able to serve the complex and changing needs of health plans. Madena focuses its services and software on the up-front stages of insurance coverage, such as enrollment, coordination of benefits and reconciliation. CODY targets more of the subsequent, ongoing compliance needs, such as notifying members of coverage changes and other required communications.
"The combination of our products, services and industry expertise provides health plans serving the Medicare, Medicaid and commercial markets an end-to-end integrated solution previously not available in today's market," Mabari said.
She and Wise have known each other for years, and share similar outlooks on their work.
“We really have similar cultures,” Mabari said. "We couldn't have asked for a better fit."
Wise added, “We both have had the same vision, the same idea of the clients we want to work with. Now we’ve come together in a holistic way.”
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