Glen Tullman, Chairman and Chief Executive Officer at Livongo Health Inc., speaks on Tuesday, June 16, 2015, during Bloomberg Technology Conference 2015 in San Francisco, California, USA.
David Paul Morris | Bloomberg | Getty pictures
The Digital Health Startup Transcarent announced on Tuesday that the acquisition of an award worth around 621 million US dollars was completed.
Transcarent announced the acquisition for the first time in January, and the company announced that it received all the necessary shareholders and regulatory permits for the implementation of the transaction. Accolade shareholders received $ 7.03 per share in cash, and according to a publication, their ordinary shares will no longer act against Nasdaq.
“Adding accolade people and skills will significantly improve our existing offers,” said the CEO of Transcarent, Glen Tullman, in a statement. “We create a completely new way of experiencing health and care. We are really better together.”
Transcarent offers self -insured employers endangered pricing models to help their employees quickly access care and navigate the services. From May, the company had collected around 450 million US dollars with an assessment of 2.2 billion US dollars. Transcarent also received a place in the CNBC Disruptor 50 list last year.
More CNBC health insurance
Accorade offers nursing, navigation and interest representation services. The company went to the stock exchange during the Covid pandemic in 2020 when investors pour billions from dollars into digital health, but the stock fell in the following years.
Accolade is the latest in a number of digital healthcare companies to leave public markets because the sector has difficulty adapting to a steamed growth environment.
Transcarent said the Executive Leadership team would report Tullman and include representatives of both organizations. Kristen Bruzek from Accolade, for example, will act as the Executive Vice President of Care Delivery Operations.
Tullman is no stranger to monitor large offers for digital health. Previously, he managed Livongo, which was acquired by the Virtual Care Provider Teladoc in a contract of 2020 that the company rated $ 18.5 billion.
General Catalyst and Tullman's 62 Ventures led the financing of the acquisition with additional participation in new and existing investors, according to the press release. The companies also used cash from their combined balance sheet, and JPmorgan led external financing.
Comments are closed.