Sharecare’s interoperable virtual care platform enables to connect stakeholders to the health management tools
Falcon Capital Acquisition, a special purpose acquisition company, has entered into a merger agreement with digital health company Sharecare.
Upon closing of the deal, the new company will run as Sharecare and is expected to have an initial enterprise value of $3.9bn with around $400m in growth capital.
Created in 2010, Sharecare offers the messaging, motivation, management, and measurement tools to support individuals, workforces, and communities to enhance their well-being.
The firm supports people to consolidate and manage different components of their health in one place.
Sharecare offers an interoperable virtual care platform to connect stakeholders to the health management tools to boost engagement, build sustained participation, increase satisfaction, reduce costs, and improve outcomes.
The firm’s data-driven virtual health platform is designed to help drive positive behaviour change in people, providers, employers, health plans, government organisations and communities.
In January, Sharecare announced the acquisition of an enterprise artificial intelligence (AI) platform called doc.ai to improve its capacity to securely and privately unlock the value of health data in a scalable way.
Sharecare 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.”
Falcon Capital Acquisition is expected to hold around 20% of the new company, inclusive of the PIPE investors.
The transaction is expected to be funded via a combination of Falcon’s $345m of cash in trust supported by a $425m fully committed PIPE at $10.00 per share and the Anthem investment.
The $425m investment is committed by investors led by Koch Strategic Platforms that include Baron Capital Group, Eldridge, Woodline Partners and strategic partner Digital Alpha.
Subject to receipt of Falcon stockholder approval and the satisfaction of other customary closing conditions, the deal is expected to be completed in the second quarter of 2021.