
- Accolade to begin offering virtual primary care and mental health consultations directly to members.
- $200bn+ combined total addressable market materially expands opportunity to reinvent healthcare with a focus on improving health outcomes and managing rising costs.
- Combined with Accolade’s proven ability to deliver cost-savings through member insights, high engagement, and care team advocacy and navigation solutions, the acquisition will add clinical depth and provider relationships.
- The acquisition is expected to be accretive to Accolade’s growth rate and will enable new revenue opportunities as the healthcare ecosystem moves toward value-driven, patient-centric models.
SEATTLE, June 09, 2021 (GLOBE NEWSWIRE) — Accolade the company reinventing healthcare by helping people live their healthiest lives, today announced it has completed the acquisition of PlushCare, a leading provider of virtual primary care and mental health treatment. Together with its expert medical opinion capability, Accolade’s personalized service will deliver collaborative, comprehensive and holistic care options for the workforces of corporate payers.
“The PlushCare acquisition helps us realize our mission of delivering personalized healthcare services to our members. We’re building a business we truly believe will reinvent the healthcare experience and set a course for the industry,” said Rajeev Singh, Accolade’s Chief Executive Officer. “The addition of PlushCare’ s virtual primary care to our personalized advocacy and navigation platform rounds out the superlative member experience and value we bring already to over nine million Americans. Within this framework, we’re adding primary care physicians into our frontline care teams to support members on every leg of their care journey and to be the trusted source for corporate benefits buyers for enabling the right healthcare for their organizations.”
Pursuant to the merger agreement previously announced on April 23, 2021, the transaction is valued at up to $450 million, consisting of $40 million in cash, $340 million in Accolade common stock (equal to approximately 7.5 million common shares), and up to an additional $70 million of value (equal to approximately 1.5 million common shares) payable upon the achievement of defined revenue milestones. Accolade intends to provide guidance for the combined company when it reports its financial results for the first quarter of fiscal year 2022, which ended May 31, 2021.
About Accolade
Accolade provides personalized health and benefits solutions designed to empower every person to live their healthiest life. Accolade helps millions of people and their employers navigate the complexities of the healthcare system with empathy, expertise and through exceptional service while supporting them in lowering the cost of care and improving health outcomes. Accolade blends technology-enabled health and benefits solutions, specialized support from Accolade Health Assistants® and Clinicians, and access to expert medical opinion services and virtual primary care. Accolade consistently receives consumer satisfaction ratings over 90 percent. For more information, visit Accolade on LinkedIn, Twitter, Instagram and Facebook and at accolade.com.
Investor Contacts:
Todd Friedman, Investor Relations, 484-532-5200, Todd.Friedman@accolade.com
Asher Dewhurst, Investor Relations, 443-213-0500, Accolade@westwicke.com
Media Contact:
Megan Torres, Public Relations, 206-926-8180, Megan.Torres@accolade.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b03c39e-c97f-4397-8e25-86809da2a47a