Glen Tullman, President and Executive Director of Livongo Health Inc., speaks during the 2015 Bloomberg Technology Conference in San Francisco, California, USA, on Tuesday, June 16, 2015.
David Paul Morris | Bloomberg | Getty images
The Digital Health Startup Transcarent announced on Tuesday that it completed its acquisition of Accolade in an agreement valued at approximately $ 621 million.
Transcarent first announced the acquisition in January, and the company said it has received all the necessary approvals of shareholders and regulatory to carry out the transaction. Recognition shareholders received $ 7.03 per cash action, and their common actions will no longer trade with NASDAQ, according to a statement.
“Adding the people and capabilities of Accolade will significantly improve our existing offers,” said Transcariente Glen Tullman CEO in a statement. “We are creating a completely new way of experiencing health and care. We are really better together. ”
Transcarent offers pricing models at self -deceased employers to help their workers quickly access attention and sail the benefits. As of May, the company had raised around $ 450 million with an assessment of $ 2.2 billion. Transcarent also got a place on the CNBC 50 Disruptor list last year.
Accolede offers service provision, navigation and defense services. The company was public during the Covid pandemic in 2020 when investors began to pour billions of dollars into digital health, but the action fell in the following years.
ACCOLADE is the last of a series of digital health companies to get out of public markets as the sector struggles to adapt to a more off environment.
Transcarent said the executive leadership team will inform Tullman and includes representatives of both organizations. Kristen Bruzek of Accolade will serve as Executive Vice President of Attention Provision Operations, for example.
Tullman is no stranger to supervise great offers in digital health. He previously directed Livongo, which was acquired by the virtual care provider Teladoc in a 2020 agreement that valued the company at $ 18.5 billion.
General Catalyst and the 62 Tullman companies led the acquisition financing, with an additional participation of new and existing investors, according to the statement. The companies also took advantage of their combined balance, and JPMorgan led debt financing.
