The merger is expected to enable the new entity to get listed on NASDAQ
Digital health company Sharecare has agreed to merge with Falcon Capital Acquisition, a special purpose acquisition company, in a deal worth $3.9bn.
Established in 2010, Sharecare enables people to consolidate and manage various components of their health in one place.
With messaging, motivation, management, and measurement tools, the company helps individuals, workforces, and communities to optimise their well-being.
Sharecare has developed an interoperable virtual care platform to connect stakeholders to health management tools.
The merger is expected to enable the new company to get listed on NASDAQ, with nearly $400m in growth capital on the balance sheet.
Sharecare will utilise the capital to drive sustained growth, sales force expansion, and new digital offerings. It will also utilise the funds to complete the acquisition of enterprise artificial intelligence (AI) platform doc.ai.
In January, the company announced the acquisition of doc.ai, a Silicon Valley-based company engaged in speeding up digital transformation in healthcare using edge computing and privacy-preserving infrastructure.
Sharecare founder, chairman, and CEO Jeff Arnold said: “We started Sharecare to leverage innovations in consumer technology – specifically the smartphone – to create a frictionless experience that engages people across the dynamic continuum of their healthcare needs.
“By integrating fragmented point solutions and bringing together stakeholders across the healthcare ecosystem into one connected virtual care platform, we believe that Sharecare is uniquely positioned to transform the way people access, providers deliver, and employers and health plans administer high quality, cost-efficient healthcare.
“Strategic partners, Anthem and Digital Alpha, will enable continued innovation in delivering high-impact solutions at scale. We believe Falcon will be invaluable as we pursue this next phase for Sharecare.”
The new company is expected to be approximately 20% owned by Falcon Capital Acquisition.
Morgan Stanley and JP Morgan Securities acted as financial advisors to Sharecare for the transaction, while King & Spalding acted as its legal counsel.
The transaction is expected to be completed in the second quarter of 2021.