UK-based digital doctor service Babylon Holdings today confirmed it is going public via merger with Nashville-based Alkuri Global Acquisition Corp, a special purpose acquisition company.
Upon closing of the transaction, the combined company will operate as Babylon and plans to trade on Nasdaq, The transaction reflects an initial pro forma equity value of approximately $4.2 billion and is expected to close in the second half of this year.
Babylon was founded in 2013 and was scaling at about 5x annual revenue growth last year. The company stated it is expected to grow by around 4x this year, covering millions of people across four continents.
Babylon has two primary channels: Babylon 360, its digital-first care service, and Babylon Cloud Services, a suite of digital self-care tools that enables patients and clinicians to gain insights and information either through Babylon directly or through Babylon’s roster of partners.
Combined, those services cover 24 million people across the US, Canada, Europe, Africa and 13 countries in Asia.
Dr Ali Parsa, founder and chief executive of Babylon, said: “We founded Babylon on a fundamental belief, that it is possible to make quality healthcare accessible and affordable for every person on earth by combining the latest in technology and the best in medical expertise. We have achieved one of the highest growth rates every year since our inception, with consistently high clinical outcomes and patient satisfaction. Becoming a public company is just another step in our journey. We are at the very beginning of our work to re-imagine our sector, to make it digital-first and prevention-first and shift the focus away from sick care to true healthcare.”
Alkuri Global’s chief executive Rich Williams, added: “Babylon’s patient-first approach – coupled with its focus on accessibility and affordability – has made it one of the most exciting growth stories in health and technology. When we founded Alkuri, we set out to identify high-potential, disruptive companies with visionary founders and strong teams. Babylon is all of those things, and we’re excited to work with them on their truly world-changing mission.”
Jefferies is acting as exclusive financial advisor to Alkuri Global and lead placement agent to Babylon on their SPAC merger.
Date published: June 3, 2021