Seattle-based healthtech software company Accolade went public on Thursday morning. The company announced its initial private offering of over 10 million shares of stock at a price of $22 per share, with the shares trading under the ticker symbol ACCD.
“Today is our first day as a public company, we are changing the way healthcare works for people in this country and we are just getting started,” Rajeev Singh, CEO of Accolade, said in a post to the company’s blog.
Following its IPO, Accolade has also now achieved a $1.2 billion valuation, qualifying it as a unicorn.
The company helps businesses and their employees navigate the details of healthcare costs and benefits. According to the company, Accolade prioritizes personal advocacy on behalf of its clients when it comes to helping them choose the right healthcare provider.
“Only when we combine compassion, intelligent technology and evidence-based clinical practice can we personalize support, build trusted relationships, and influence decisions for better health and well-being,” Singh continued.
Accolade is one of numerous healthtech companies gaining traction in light of the global response to the pandemic. Singh went on to detail the numerous problems he’s identified in the healthcare industry that he feels have only been made worse by COVID-19.
“We all know the harsh reality: Our country spends the most per capita on healthcare by a wide margin, with the best-trained clinicians and state-of-the-art facilities, yet our health outcomes lag,” Singh said in his blog post. “In fact, the U.S. ranks dead last — 11th out of 11 high-income countries—for health outcomes, equity and quality, despite spending the most per person.”
According to the company, 1.7 million people use Accolade’s healthtech platform for everything from evaluating plan options to finding an in-network primary care physician. The company counts enterprise brands like State Farm, Lowe’s and American Airlines among its clients.
“We are supporting the health and well-being of people in the way they want, need and deserve — work that has never been more critical than it is today,” Singh said.
Accolade has raised a total of $237.3 in venture capital to date, according to Crunchbase. The company also has a headquarters in the Philadelphia area.
