Sharecare and Falcon Capital Acquisition Corp. Reach Agreement to Combine, Creating Publicly Traded Digital Health Company
Sharecare unifies the person’s health experience into one easy-to-use digital platform
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Jeff Arnold, digital health pioneer and founder of WebMD, will continue to lead the company as CEO and chairman
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Investors, led by Koch Strategic Platforms, Baron Capital Group, Eldridge, Woodline Partners LP, and strategic partner, Digital Alpha, have committed $425M in a PIPE, satisfying the minimum proceeds conditions to closing
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Anthem, Inc. will make a direct investment in Sharecare and partner to build affordable, high-quality, whole-health advocacy solutions
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High growth digital healthcare company projects a 24% sequential, multi-year CAGR
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Company has an initial pro-forma enterprise value of $3.9B
Sharecare, the digital health company that helps people manage all of their health in one place, and Falcon Capital Acquisition Corp. (“Falcon”) (NASDAQ: FCAC), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement. Upon closing of the transaction, the new company will become Sharecare, Inc. and be listed on NASDAQ under the ticker symbol SHCR; and is expected to have an initial enterprise value of $3.9 billion with approximately $400 million in growth capital on the balance sheet to drive sustained growth, sales force expansion, new digital offerings, and M&A including the completion of the recently announced doc.ai acquisition.
Jeff Arnold, founder, chairman, and chief executive officer of Sharecare, 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.”
“Anthem and Sharecare are focused on delivering proactive, predictive, and personalized health experiences for everyone,” said Rajeev Ronanki, senior vice president and chief digital officer of Anthem, Inc. and a recently added member of Sharecare’s board of directors. “We share a relentless focus on delivering meaningful improvements to consumers’ health and well-being as we simplify healthcare. Through this relationship, we will leverage human-centered design and digital technologies, including artificial intelligence, that increase consumer engagement, deliver more affordable healthcare, and achieve better health outcomes through services such as next generation personalized healthcare concierge and advocacy services.”
Rick Shrotri, founder and managing partner of Digital Alpha, said, “We are investing in Sharecare because of our shared vision to redefine the nexus of healthcare and digital infrastructure to accelerate the future of community well-being. Together, we will pursue repeatable and scalable outcome-based financing models that have tangible economic and community health impacts.”
Alan Mnuchin, chairman and chief executive officer of Falcon, added, “Jeff is a rare visionary who knows how to execute – multiple times over – and, at Sharecare, he and his exceptional team have continued to evolve and grow the business over the last decade, emerging as what we believe is a category of one. With its ability to harness the power of data and address fragmentation, Sharecare has the potential to redefine not only the marketplace but also people’s relationship with their own health and the stakeholders there to support them. We are excited to work with Sharecare to bring this comprehensive and innovative digital health platform to the public markets.”