5 facts about the $ 460 million Babylon merger

On Friday, the organization announced that digital healthcare company Babylon went public through a $ 460 million merger with the special purpose acquisition corporation.

AI-powered telemedicine software has joined Alkuri Global Acquisition Corp., one of the recent healthcare deals led by SPAC, which raises money through initial public offerings and has spent that money on acquiring other companies and making them public for two years. placement. Babylon received $ 460 million in pre-operating expenses, including cash receipts from Alkuri and private investors.

“We are committed to transforming this reactive patient care model into a proactive healthcare service that works to keep people at their peak,” Babylon CEO Dr. Ali Parsa wrote in his letter. Blog post to its shareholders.

Here are five things to know about Babylon and the deal:

1. Babylon, which offers diagnostics and video footage to more than 24 million people in 16 countries, aims to expand access to health care and reduce costs by avoiding emergency and emergency room visits. His revenue increased by 472% in the first half of 2021 – up to $ 128.8 million, as the London startup will expand steadily across the United States. By combining its cost-based model of care, telemedicine and primary health care services, Babylon will serve 350,000 patients on a budget-based basis by early 2022, the company said.

2. More and more private healthcare companies are turning to SPAC to go public. Buying companies are looking to cash in on the burgeoning telemedicine and mobile health app subsectors within digital health, which, according to Digital health, business and technology…

3. According to peer-reviewed experts, the “digital first” model in Babylon in the UK provided 15–35% lower hospital costs than the regional average. research commissioned by Babylon and published in the Journal of Internet Medical Research. The study compared the costs of the Babylon GP at hand with regional averages in northwest London from April 1, 2018 to March 31, 2019.

4. “Almost half of his consultations are done without human intervention,” Parsa wrote in a blog post. Since its founding in 2013, the company has collected over 80 billion data points from 100 different sources.

5. Parsa will continue to lead the company with Charlie Steele, Chief Financial Officer; Stacey Zaal, Chief Operating Officer; Paul-Henri Ferrand, Commercial Director; Dr. Darshak Sanghavi, Chief Physician; Steve Davis, CTO; and Yon Nuta, Product Director.