Transcarent, a virtual platform centered at the self-insured employer marketplace, introduced it finalized its merger with Accolade, a digital healthcare and advantages navigation corporate, in a deal price $621 million.
Transcarent introduced that it was once obtaining Accolade and taking it non-public in January. Accolade is now an oblique wholly owned subsidiary of Transcarent.
In a commentary, the corporate mentioned that Accolade shareholders will obtain $7.03 in step with proportion in money. As of April 7, Accolade was once buying and selling at $7.02.
Financing for the purchase was once led through Common Catalyst and CEO Glen Tullman’s 62 Ventures in addition to present and new traders.
Transcarent supplies a virtual platform aimed toward making improvements to the well being revel in through connecting sufferers with docs who can assist organize oncology care and plan surgical procedures and rehabilitation. The corporate’s center of attention is on most cancers, surgical treatment and weight well being.
Accolade gives digital healthcare and advantages navigation services and products. Accolade’s platform is interested in boosting well being plans and employer-benefits engagement. The corporate’s True Well being Movements platform takes information from employers and well being plans, digital scientific information and different datasets to generate a person member profile.
Transcarent will combine its AI-powered WayFinding, complete care stories and pharmacy get advantages choices with Accolade’s healthcare advocacy, scientific opinion and digital number one care.
WayFinding is an AI-enabled, consumer-facing platform that gives scientific steering, advantages navigation and care supply.
The blended organizations will supply a one-stop store for 20 million participants and greater than 1,700 employer and well being plan consumers.
“Transcarent and Accolade coming in combination is the most important step to make it more uncomplicated for everybody to get admission to the fine quality, reasonably priced well being and care they deserve,” Glen Tullman, CEO of Transcarent, mentioned in a commentary.
“Whether or not that is assembly nearly with their relied on number one care doctor, speedy connection to a Care Recommend, or getting maintain complicated wishes like most cancers remedy or surgical treatment. Including Accolade’s other people and features will considerably fortify our present choices.”
THE LARGER TREND
In 2024, Transcarent secured a $126 million Sequence D funding. The budget introduced the corporate’s general carry to $450 million and valuation to $2.2 billion.
Common Catalyst and 7wireVentures led the spherical, with participation from new traders Memorial Hermann Well being Machine and Geodesic Capital.
Transcarent used the budget to hurry up its AI features and spice up strategic and business enlargement.
In 2023, Transcarent partnered with ViewFi to ship digital orthopedic and musculoskeletal care to sufferers via Transcarent’s Seek the advice of Answer.
ViewFi powers Transcarent’s Orthopedic Seek the advice of Answer, a part of its Surgical procedure Care revel in, allowing participants to go through a digital diagnostic examination through “top-quality” orthopedic physicians and surgeons in lower than two days by the use of Transcarent’s app.
That very same 12 months, Transcarent obtained property from 98point6, together with its AI-enabled digital care platform and care trade.
The deal was once price as much as $100 million and incorporated 98point6’s trade with self-insured employers, well being methods and payers, and an affiliated scientific staff.
In 2023, Accolade reduce its body of workers and downsized its place of work footprint. On the time, the corporate declined to remark at the collection of staff impacted through the layoffs, however in a filing with the Securities and Trade Fee (SEC), CFO Stephen Barnes mentioned Accolade was once “accelerating the combination of new acquisitions” and making strategic discounts within the corporate’s staff.
The corporate additionally introduced it closed or reduce on some satellite tv for pc amenities and relocated some non-customer-facing roles to new places.
