Philly (Plymouth Meeting) & Seattle-based Accolade, which filed for an IPO back in February, announced its pricing this morning. The IPO’s timing was likely slowed down by Covid-19.
Accolade provides healthcare navigation assistance to client companies’ employees.. It combines the use of smart technology with human assistance. Comcast is its largest customer.
Accolade will price 8.75 million shares at between $19 and $21. raising $175 million at the midpoint and valuing the company at nearly $1 billion. Investors include Accretive at 26.9%, Andreessen Horowitz at 16.2%, Carrick Capital at 9.9%, and Comcast Ventures at 6.9%
Andreessen Horowitz also led a recent round in another Tom Spann-founded startup, Brightside. .Spann has no formal ties to Acccolade since stepping down from its. board late last year.
Accolade showed a $51.3 million net loss on $132.5 million in revenue for its fiscal year ending Feb. 29. I don’t think its unit ecconomics have been proven out to the point where they are projectible yet.
But it will probably draw a great deal of interest as a new concept in the hot digital health sector.
The company has applied to list on Nasdaq, under the ticker “ACCD.”