Startup Transcarent To Acquire Accolade for $621M
In a news release on January 8, the San Francisco-based health tech startup Transcarent announced that it has entered into a definitive agreement to acquire Seattle-based health benefits platform Accolade. Transcarent will acquire Accolade for $7.03 per share in cash, representing a total equity value of approximately $621M.
The news release stated that the transaction is expected to combine Transcarent’s generative AI-powered WayFinding and comprehensive care experiences, its Pharmacy Benefit offering, with Accolade’s Personalized Healthcare Platform, which has expertise in advocacy, expert medical opinions (EMO) and primary care.
“Our clients…are telling us that healthcare today is too confusing, too complex, and too costly. By integrating our recently introduced generative AI-powered WayFinding and comprehensive care experiences with Accolade’s advocacy, expert medical opinions, and primary care, we have a solution that finally makes it easy to access high-quality health and care and deliver lower costs for the people who pay for care,” Glen Tullman, CEO of Transcarent, said in a statement.
“Combining Transcarent’s complex care experience with Accolade’s people and 16 years of healthcare data, we will create a more personalized healthcare experience for people while improving outcomes and driving down costs,” Rajeev Singh, CEO of Accolade, said in a statement.
