Babylon Health will become the latest tech company to execute a rapid听flotation听via a merger with a blank cheque company.听听
The听London-based听HealthTech听is to听undergo a 拢3 billion listing听on the Nasdaq听in the second half of 2021 via a merger with听Alkuri听Global Acquisition Corp.听
A faster way of listing a company, it involves the creation of a听publicly traded听blank cheque company听鈥撎齥nown as a SPAC, or听special purpose acquisition company听鈥撎齝reated specifically for the purpose of the deal.听听听
Babylon founder and CEO Dr听Ali Parsa will become Chairman and CEO of the combined听company,听with a representative from听Alkuri听Global joining the board.听
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Founded in 2013, Babylon has delivered more than eight million virtual consultations and AI interactions to date.听听听
It works with governments, health providers and insurers across the globe, and supports healthcare facilities from small local practices to large hospitals.听听听
Babylon covers approximately 24 million people around the globe, and has a presence in North America, Europe, Africa and Asia.听听听
The firm recently听hired Darshak Sanghavi as its new Global Chief Medical Officer听as it ramps up its penetration into the US market. 听听听
鈥淲e 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,鈥� said Dr听Parsa.听
鈥淲e have achieved one of the highest growth rates every year since our inception, with consistently high clinical outcomes and patient satisfaction.听
鈥淏ecoming a public company is just another step in our journey. We are at the very beginning of our work to reimagine our sector, to make it digital-first and prevention-first and shift the focus away from sick care to true health听care.鈥�听