US-based healthcare network Transcarent has agreed to acquire Accolade, a company specialising in health advocacy, expert medical opinions and primary care.

The deal has a total equity value of nearly $621m, or $7.03 for each of Accolade's shares.

It has been unanimously approved by both companies' boards and is intended to provide a more personalised and integrated care platform.

The transaction will combine Transcarent's AI-powered WayFinding and comprehensive care experiences with Accolade's Personalized Healthcare Platform.

This is expected to create a unified platform that offers members a single point of access for their health and care needs, potentially lowering costs for health consumers, employers and payers.

WayFinding will give individuals a single place for clinical guidance, benefits navigation and care delivery, transitioning from separate solutions to a more cohesive and personalised member experience.

The new unified platform also aims to offer a 'quality-first' experience with easy access, less friction and paperwork for physicians, as well as an 'expansive' point solution and local care ecosystem.

Transcarent CEO Glen Tullman said: “By integrating our recently introduced generative AI-powered WayFinding and comprehensive care experiences with Accolade’s advocacy, expert medical opinions, and primary care, we have a solution that finally makes it easy to access high-quality health and care and deliver lower costs for the people who pay for care – employers, and all of us.

“This combination will accelerate that process, and I consider it a perfect fit, adding great people to our team and expanding choice and access for our clients and their employees and their families.”

The deal has been financed by equity funding from General Catalyst and Glen Tullman’s 62 Ventures.

It is expected to close in the second quarter of this year, subject to Accolade stockholder and regulatory approvals.

Following the deal, Accolade will become a private entity and will be delisted from the NASDAQ.