Accolade, a health benefits startup, announced Friday it filed for a $100 million initial public offering. While the company says it intends to sell its common stock on the Nasdaq Global Select Market under the symbol ACCD, the number of shares offered and their price range has not been determined.
The platform uses machine learning to connect data from medical claims, biometrics, risk scoring and lab results to help employees better understand and utilize the healthcare system and their workplace benefits. Employers pay a subscription fee based on the total number of employees.
“We seek to provide everyone in the United States with a health assistant to help navigate through the complicated healthcare system, and provide people and their families with clinical support,” Ben Hackett, Accolade’s senior director of product management, told Built In last March. “It’s a big goal with significant barriers — but the work is worth it when you’re helping people get through some of the most challenging parts of life.”
In its S-1 registration statement, Accolade claims to have made almost $95 million revenue this last fiscal year, an increase of 23 percent over the previous year. The company also claims to have 53 corporate customers, with Comcast Cable, Lowe’s and United Airlines accounting for 60 percent of its profits.
Accolade was founded in Philadelphia in 2007 and has since opened a second headquarters in Seattle. The company claims to have a headcount of about 1,170 employees.
It is important to note that, while Accolade has registered a statement with the Securities and Exchange Commission, it has not been made effective yet. The company says Goldman Sachs, Morgan Stanley and BofA Securities are lead bookrunning managers for the IPO.
