Ambulnz Plans to Go Public via Merger with Motion Acquisition Corp

Ambulnz (dba DocGo), a last-mile telehealth and integrated medical mobility services provider, announced an agreement to merge with Motion Acquisition Corp.

The merger values Ambulnz at an equity value of approximately $1.1 billion. The transaction is expected to close in the second quarter of 2021. The combined company will be listed on Nasdaq under the symbol “DCGO.”

DocGo generated preliminary 2020 revenue of $94 million, a 95% increase from 2019. In 2021, the company expects to generate $155 million in revenue. According to the press statement, the transaction is expected to enable DocGo to continue to invest in geographic expansion to service a growing pipeline of new business in conjunction with joint venture partners and others.

DocGo’s TeleHealth Plus services, which include testing, vaccinations, bloodwork, IV hydration, wound care, mobile imaging, and EKGs, among many others, are used by 1,700 paramedics and EMTs (emergency medical technicians).

The TeleHealth Plus services are currently provided on a business-to-business basis to large hospital networks, insurance providers, municipalities, and large commercial enterprises.

DocGo’s management team, led by co-founder and CEO Stan Vashovsky, will continue to lead the combined company. Motion’s CEO and Director, Michael Burdiek, will join the company’s board of directors upon completing the transaction.

Stan Vashovsky, co-founder, and CEO of DocGo, said: “DocGo was built to bring a digital-first approach to last-mile telehealth and integrated medical mobility services that bridge the gap between physical and virtual care.”

Stan Vashovsky added: “The unique combination of our proprietary technology platform and care logistics expertise, along with our highly trained and motivated base of dedicated field professionals, has led to increased satisfaction and improved outcomes for patients as well as superior service and lower cost for providers and payers.”

Advisors: Barclays acted as an exclusive financial advisor, capital markets advisor, and lead placement agent to Motion. Deutsche Bank Securities acted as exclusive financial advisor and capital markets advisor to DocGo and placement agent to Motion. Canaccord Genuity also acted as a co-placement agent to Motion. Also, Graubard Miller served as legal advisor to Motion, and Gibson, Dunn & Crutcher acted as legal advisor to DocGo.

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