Accolade, a health technology startup that helps employees manage their health benefits, has enlisted banks including Goldman Sachs and Morgan Stanley for advice on the company's impending initial public offering, according to a Jan. 8 CNBC report.
Accolade plans to go public later this year, however the startup's IPO plans are subject to change "depending on the state of the economy and the anticipated outcome of the 2020 U.S. elections," people familiar with the matter told CNBC.
Valued at around $620 million, Accolade has raised more than $230 million in venture funding, according to the report. The company, which was founded in 2007, extended its partnership with Humana last October. The health insurer committed $20 million to Accolade to grow their co-branded services in 2020. Humana currently uses Accolade's solutions to enhance member engagement among its commercial employer group plans.
The startup offers a mobile application as well as web service for workers to get information from trained human coaches on topics such as corporate benefits packages and finding an in-network primary care physician. Accolade's largest customers include Comcast and Lowe's.