Sharecare Acquires, Plans to Go Public Via SPAC

Sharecare, a digital wellness platform that advises on health and lifestyle-related matters through a mobile app, entered into a definitive agreement to acquire,, an artificial intelligence platform that generates insights from medical data.

The financial terms of the deal were not disclosed.

Under the terms of the proposed deal, Sharecare would buy and then merge with a special purposed acquisition company (SPAC), Falcon Capital Acquisition Corp. According to Reuters, the deal with Falcon would value the combined entity at close to $4 billion.

Sharecare was founded in 2012 by WebMD founder Jeff Arnold.

“We have seen firsthand the quantifiable impact has made in healthcare transformation and – given their acquisition by Sharecare – are excited about the opportunity to amplify our collective success throughout our extensive customer bases and product offerings,” said Anthem’s Ronanki.

“Both organizations are relentlessly focused on the end-user and have shared visions to apply technology to deliver a proactive, predictive, and personalized experience. Together, we are unified in our goal to improve consumers’ health and well-being as well as simplify the healthcare experience through innovation.”

King & Spalding is acting as legal advisor, and J.P. Morgan Securities is serving as financial advisor to Sharecare for this transaction. L2 Counsel is acting as legal advisor to with regulatory support from Foley & Lardner.

A total of 184 digital health companies were acquired in 2020, compared to 169 in 2019, a 9% increase in M&A activity in year-over-year, according to Mercom’s Q4 and 2020 Digital Health Funding and M&A Report.

Sharecare made a string of acquisitions in 2020, including WhiteHatAI (an AI-powered healthcare payment integrity solutions) and MindSciences (a provider of digital therapeutics programs focused on behavior change, anxiety, emotional eating, smoking, self-judgment, anger, and bad habits).