Accolade to buy virtual care startup for $450 million
Accolade to buy virtual care startup for $450 million
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Accolade, an employee benefits company that went public last year, on Friday said it plans to buy direct-to-consumer virtual primary care startup PlushCare for up to $450 million.
Accolade, which sells healthcare navigation and engagement tools to employers, will pay $40 million in cash and $340 million in Accolade common stock to acquire privately held PlushCare, according to the terms of the agreement. The company may pay up to an additional $70 million based on revenue milestones following the acquisition s closing.
After the acquisition closes, Seattle-based Accolade will begin offering virtual primary care and mental health services to members through San Francisco-based PlushCare s network of clinicians. The company s primary-care and internist physicians consult with patients via text messaging and video telehealth and c