News roundup: Buddi’s £500M LSE float, Accolade to buy PlushCare for $450M, Teladoc adds chief innovation officer, Tyto Care’s Italy expansion

Buddi going public later this year. Something we missed and found (quite by accident) was that the Buddi personal alert wearable will be floated on the London Stock Exchange later this year. According to the report in SkyNews, CEO and founder Sara Murray has appointed Zeus Capital to manage it. The value is rumored to be up to £500 million and will be a great reward for Ms. Murray and her other early investors. The bands, which connect to smartphones or a wireless-connected clip, then to pre-set connections or their 24/7 support, retail for up to £248. Buddi is reported to be used by more than 80 percent of local authorities in the UK, UK police forces for domestic violence cases and witness protection, lone worker situations, plus government customers internationally. Buddi also designs and assembles their Buddi units in the UK. Also City A.M. 

Accolade, a health benefits navigation provider, announced a definitive agreement to purchase one of the smaller telehealth players, PlushCare, for a plush price of $450 million, composed of $40 million in cash, $340 million in Accolade common stock, and up to (the usual) additional $70 million of value payable upon the achievement of defined revenue milestones following the closing, expected in June. Accolade, which itself went public on NASDAQ in July, raising $220 million, then in October floated additional shares to raise $221 million, has been on a telehealth acquisition tear of late. In March, they closed their acquisition of virtual second medical opinion provider 2nd.MD for $460 million. PlushCare will enable Accolade to directly offer primary and mental health care telehealth to its members. According to Steve Barnes, chief financial officer at Accolade, their addressable market will increase nearly five-fold to more than $200 billion. One wonders whether their existing relationships with Teladoc and Livongo will continue.  Release.  Also HealthcareDive and FierceHealthcare.

Teladoc adds a chief innovation officer. Claus Jensen, PhD comes from Memorial Sloan Kettering Cancer Center, where he served as chief digital officer and head of technology. His purview will include product innovation, information systems, health informatics, and data products. Previously, he was with Danske Bank, IBM, and chief technology officer of CVS Health-Aetna. Release, Becker’s Hospital Review

TytoCare advances further into Italy in a partnership with Multimed srl, a local medical device company. The partnership will develop the market there with local providers, hospitals, elder care facilities, independent physicians, and pharmacies, as well as at-home monitoring. Multimed is a multi-line distributor of surgical devices for robotic surgery, endoscopy, laparoscopy, orthopedics, sanitization/sterilization, and similar. Tyto earlier explored the Italian market in a partnership with the ASL of Vercelli hospital group, where physicians monitored and treated elderly and pediatric COVID-19 patients, performing pulmonary, cardiological, and dermatological telehealth visits. Release

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