On January 8, 2025, Transcarent announced it will acquire Accolade (NASDAQ: ACCD) for $7.03 per share in cash, valuing the deal at $621 million USD (CAD 893 million). The 110% premium offer has been unanimously approved by both companies' boards. The merger will integrate Transcarent’s AI-powered WayFinding and care solutions with Accolade’s advocacy, expert medical opinions, and primary care to simplify healthcare access, improve outcomes, and reduce costs. Accolade operates in Canada, with an office in Toronto providing virtual primary care and healthcare services.

The deal is expected to close in Q2 2025, after which Accolade will be delisted and become privately held. Transcarent is financing the acquisition through equity funding from General Catalyst and Glen Tullman’s 62 Ventures. Evercore served as financial advisor to Transcarent, with Wilson Sonsini Goodrich & Rosati as legal counsel. BLG acted as Canadian counsel, with Andrew Hennigar and Denes Rothschild involved. Morgan Stanley advised Accolade, with Cooley LLP as legal counsel.