Babylon Health will become the latest tech company to execute a rapid flotation via a merger with a blank cheque company.
The London-based HealthTech is to undergo a £3 billion listing on the Nasdaq in the second half of 2021 via a merger with Alkuri Global Acquisition Corp.
A faster way of listing a company, it involves the creation of a publicly traded blank cheque company – known as a SPAC, or special purpose acquisition company – created specifically for the purpose of the deal.
Babylon founder and CEO Dr Ali Parsa will become Chairman and CEO of the combined company, with a representative from Alkuri Global joining the board.
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Founded in 2013, Babylon has delivered more than eight million virtual consultations and AI interactions to date.
It works with governments, health providers and insurers across the globe, and supports healthcare facilities from small local practices to large hospitals.
Babylon covers approximately 24 million people around the globe, and has a presence in North America, Europe, Africa and Asia.
The firm recently hired Darshak Sanghavi as its new Global Chief Medical Officer as it ramps up its penetration into the US market.
“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,” said Dr Parsa.
“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 reimagine our sector, to make it digital-first and prevention-first and shift the focus away from sick care to true health care.”