Investment firm Altaris acquires digital health company Sharecare for $518M

Publicly traded Sharecare, which offers a patient engagement and health navigation platform, has entered into a definitive agreement to be purchased by healthcare investment firm Altaris in a $518 million deal that will see the digital health company go private.

Sharecare offers a virtual healthcare navigation platform for individuals, employers, government organizations, communities, health plans and providers. 

In addition to its navigation-focused offerings, the company provides patient education content, proprietary mobile apps and digital therapeutics, including ones for tobacco cessation and anxiety. 

Per the terms of the agreement, Sharecare stockholders will receive $1.43 per share, which is approximately 85% over the closing price of Sharecare’s stock as of the last trading day before the public disclosure of the agreement, June 20.

“After embarking on a deliberate process to maximize stockholder value and best position Sharecare for continued growth and success, we carefully evaluated a variety of options. Our board of directors determined that this transaction is in the best interests of Sharecare and its stockholders and, upon closing, will deliver significant, immediate and certain value to our stockholders,” Jeff Arnold, Sharecare’s founder and executive chairman of the board of directors, said in a statement. 

THE LARGER TREND

The purchase of Sharecare is the latest in a string of mergers and acquisitions within the digital health sector this year. 

In February, direct primary care provider Everside Health and employer health provider Marathon Health merged to offer primary care with offerings for patients, employees and union-sponsored clients utilizing a value-based care model.

In April, GE HealthCare announced it closed its acquisition of AI and imaging solutions company MIM Software.

Staffing and workforce management company ShiftMed also announced it acquired workforce-solutions managed-service provider CareerStaff Unlimited, and patient-management company ABOUT Healthcare announced it acquired AI analytics platform Edgility. 

A month later, Seoul-based medical equipment maker Samsung Medison announced it agreed to fully purchase French fetal ultrasound AI company Sonio for 126 billion won ($92 million).  

Akili, the company behind video game-like prescription and over-the-counter digital therapeutics for individuals with ADHD, signed a definitive merger agreement with mental health and fitness company Virtual Therapeutics in a $34 million deal. 

This month, Pennsylvania-based behavioral health company NeuroFlow announced it acquired fellow behavioral digital health company Owl, and hybrid weight-inclusive primary and metabolic-care provider knownwell announced its acquisition of AI-enabled precision metabolic-health management company Alfie Health. 

Yesterday, New York-based Progyny, a publicly traded employer-focused fertility and family building company, announced it acquired Berlin-based fertility benefits platform Apryl.

 

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