The provider of personalized, technology-enabled solutions around the healthcare system Accolade, Inc. (Nasdaq: ACCD) saw its stock rising 13.9% in trades after the ring of the bell on Thursday after news of an acquisition deal by the company emerged.
What’s in the deal for company?
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Accolade empowers people to lead their healthiest life with personalized healthcare and benefits solutions. Accolade helps millions of people and their employers reduce healthcare costs and improve health outcomes by helping them effectively navigate the complexity of healthcare through empathy, expertise, and exceptional service. Healthcare and benefits solutions backed by Accolade, offer access to medical experts as well as a support system by Accolade Health Assistants and Clinicians. Over 90% of consumers consistently rate Accolade as ‘satisfying’.
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Accolade announced yesterday that it had completed the acquisition of Innovation Specialists, LLC. Do business as 2nd.MD, Innovation Specialists is a revolutionary online resource that connects consumers with the nation’s leading medical specialists for second opinions. Providing the most comprehensive healthcare navigation experience to over 400 customers and 9 million lives, Accolade combines the leaders in benefit navigation, health advocacy, and medical opinion services. The transaction is estimated to be worth up to $460 million based on the merger agreement announced on January 14, 2021.
Accolade will issue approximately 2.8 million shares for registered resale in an investment memorandum via Form S-1 comprising $230 million in cash and $130 million in common stock to complete the deal. There is also an option to acquire up to $100 million in Accolade common stock upon achieving defined revenue milestones from the issuance of approximately 2.1 million shares. When Accolade reports its financials for the fourth quarter and fiscal year 2021, the company expects to guide the newly combined company.