Transcarent is acquiring Accolade for approximately $621 million, the company said Wednesday.
Transcarent, which connects self-insured employer customers to behavioral health, urgent care, cancer care, pharmacy and weight management services, is purchasing Accolade for $7.03 per share in cash. Accolade provides healthcare navigation and engagement tools to employers.
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Transcarent is led by CEO Glen Tullman, who previously was CEO of Livongo before it was bought by Teladoc. Transcarent is financing the transaction through a fully committed equity financing led by venture capital firm General Catalyst and Tullman’s 62 Ventures fund.
Accolade, which went public in July 2020, would become a privately held company at the completion of the acquisition. Accolade's board unanimously approved the transaction.
Transcarent said in a news release it will combine its generative artificial intelligence wayfinding experience, which helps consumers find care, with Accolade’s personalized health platform.
Transcarent has raised $450 million since its founding in 2020 including a $126 million round in May led by General Catalyst.
The deal is expected to close in the second quarter.
