Accolade Inc. today filed an S-1 with the SEC for a planned IPO. The number of shares to be offered and the price range for the offering have not yet been determined. Accolade intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol ACCD.
Accolade offers a service usually provided to enterprises that helps guide their employees through the healthcare maze to get the care that they need. Comcast is a major customer, by itself accounting for 35% of Accolade revenue in 2019.
Accolade is jointly based in Philly (Plymouth Meeting) and Seattle. The plurality of employees (about 500) are based in Plymouth Meeting, according to. LinkedIn, out of 1174 total as of November 30, 2019 as reported by the company. Investors include Andreessen Horowitz, Carrick Capital Partners, Madrona Venture Group, McKesson Ventures, and Humana.
Revenue is up more than 47 percent so far this year: $88.1 million for the nine months ended in November 2019, with a net loss of $49.2 million for the same period. Its fiscal year ends this month.
Accolades’ last stated valuation was around $620 million. The $100 million target for the IPO mentioned in the filing is merely a placeholder.
Tom Spann was the Founding CEO of Accolade. Now it is headed by CEO Rajeev Singh, who cofounded SaaS travel expense tracker Concur and sold it to SAP for $8.3 billion in2014.