Healthcare company Accolade, which has a significant Montgomery County presence, is being acquired by Transcarent in a cash deal worth around $621 million, writes Rick Morgan for the Philadelphia Business Journal.
The telehealth startup is paying $7.03 per share. The deal has already been approved by Seattle-based Accolade’s board, and is currently waiting on shareholder and regulatory approval.
There are around 500 employees at Accolade’s Plymouth Meeting site.
“Joining forces with Transcarent allows us to expand our mission of empowering people to make the best decisions for their health and wellbeing,” said Accolade CEO Rajeev Singh.
The deal is expected to close in the second quarter, after which Accolade will cease trading on NASDAQ.
It is currently unknown if the entire Accolade team will join San Francisco-based Transcarent. According to the company’s spokesperson, “these details will be determined through the integration process.”
Accolade had approximately 2,400 employees overall as of February 2024.
The company, which connects employees with virtual primary care and mental health support through their employers, stated that the acquisition would improve health care experiences and reduce costs for consumers, employers, and payers.
Read more about Accolade being acquired by Transcarent in the Philadelphia Business Journal.
______
