Transcurrent, The digital platform, which focuses on the self-insured employer market, has announced that it has concluded a $621 million worth of contract with virtual healthcare and benefits navigation company Accolade.
Transcarent won praise in January and announced it would be private. Praise is now a wholly owned subsidiary of Transcarent.
In a statement, the company said that praised shareholders will receive $7.03 per share in cash. As of April 7th, Accolade was trading at $7.02.
Funds for the acquisition were guided 62 ventures, existing and new investors from General Catalyst and CEO Glen Tullman.
Transcarent offers a digital platform aimed at improving health experiences by connecting physicians and patients who can help manage tumor care and planned surgery and rehabilitation. The company’s focus is on cancer, surgery and weight health.
Accolade offers virtual healthcare and profit navigation services. Accolade’s platform focuses on boosting health planning and employer control engagement. Our true health action platform retrieves data from employers and health plans, electronic medical records and other datasets to generate individual member profiles.
Transcarent integrates AI-driven Admiration of healthcare advocacy, medical opinions, wayfinding with virtual primary care, comprehensive care experiences, and pharmacy benefits.
Wayfinding is an AI-enabled consumer platform that provides clinical guidance, navigation and care delivery.
The total organization will provide a one-stop shop for 20 million members and over 1,700 employers and health plan clients.
“To attract transcurrents and praise is an important step to making it easy for everyone to access the high quality, affordable health and care they deserve.” Transcarent CEO Glen Tullman said in a statement.
“Whether it’s meeting with a practically reliable primary care physician, or getting immediate connections with care advocates, or taking care of complex needs such as cancer treatment or surgery. Adding praise people and capabilities will greatly improve existing services.”
Bigger trends
In 2024, operating transportation secured a A $126 million Series D investment. The funding has brought the company’s total funding to $450 million and its valuation to $2.2 billion.
Common Catalysts And 7 Willeventure led the round with participation from new investors Memorial Hermann Health System and Geodesic Capital.
Transcarent used funds to speed up AI capabilities and drive strategic and commercial growth.
In 2023, Transcarent partnered ViewFi provides virtual orthopedic and musculoskeletal care to patients through Transcarent’s consulting solutions.
ViewFi powers Transcarent’s orthopedic consulting solutions, part of our surgical care experience, allowing members to take virtual diagnostic tests by “highest quality” orthopedic surgeons and surgeons within two days via the Transcarent app.
That same year, the transcendental assets acquired assets from 98Point 6 includes AI-enabled virtual care platform and care business.
The transaction was worth up to $100 million and included 98Point 6 businesses with self-insured employers, healthcare systems and payers, and associated healthcare groups.
In 2023, Accolade cut staff Reduced office footprint. At the time, the company declined to comment on the number of employees affected by the layoffs; Submit With the Securities and Exchange Commission (SEC), CFO Stephen Barnes said Accolade is “accelerating the integration of recent acquisitions” and strategically reducing the company’s workforce.
The company also announced that it has closed or reduced several satellite facilities, and moved several customer-facing roles to new locations.
