Sharecare, one of the best digital health company and a one-stop solution for all health-related needs, today announced it has acquired doc.ai, a well-known enterprise artificial intelligence (AI) platform, which is aimed at accelerating the healthcare industry digital transformation.
“More than mapping conditions to content and identifying behavior patterns, AI in Healthcare has a lot of possibilities”, said Jeff Arnold, founder, CEO, and Chairman of Sharecare. “Using AI, we will privately and securely turn data into various insights and these insights into action and ultimately a culture of sharing care will be built up to drive improvement in community well-being, personal health goals, and medical research. Sharecare's flagship platform integrated with doc.ai's enterprise technology will enable us to successfully unlock the value of digital health data in a scalable, impactful, and compelling way and fulfill our shared mission of fully transforming healthcare industry into a digital one”.
This acquisition makes Sharecare add 70 engineers more to its team. These new Engineers in the team include 11 PhDs, who have developed various product offerings and technology that makes clients launch their products at a lower cost and faster. Along with the acquisition, some key executive leadership appointments are also taking place in the company, including doc.ai co-founders Walter De Brouwer and Sam De Brouwer as chief science officer and new chief strategy officer of Sharecare respectively. Other senior management is also integrated into the company's leadership team.
Sam De Brouwer, “Over the last five years, as a team, we have contributed a lot for fostering better healthcare outcomes for both future and current generations using AI, accessible data, and zero-trust infrastructure. Now we are very fortunate to co-operate with an exceptional group of people at Sharecare”. “Our fierce commitment has made us make privacy-first solutions and created value for our users and now we are excited to continue this under the leadership and visions of Jeff in Sharecare with their extensive customer base”.
Adding to it, Arnold said, “At Sharecare, to bring needed innovation to the industry, our efficiency in leveraging technology will be helpful. Along with this good track record of leveraging technology, we are very much excited, with this acquisition, to add exceptional talent and technology of doc.ai to Sharecare and capitalize on our other complementary efforts in various verticals such as behavioral health and health security. We are also looking forward to forging a new collaboration with leading health benefits company, Anthem, Inc.”
Doc.ai, over the last five years, has focused much on bringing in privacy-first digital health solutions for marketing that help increase personalization and engagement and expand access. This is ultimately helpful for organizations to create various pathways to bring out better outcomes and to increase innovation possibilities. To power the digital development, since 2018, Anthem is using doc.ai's portfolio of privacy-first technologies and platforms. Anthem is also using, to create improved value for users and drive personalization of its digital assets, doc.ai's artificial intelligence software services.
As a significant relationship to doc.ai and as part of the transaction, Anthem becomes the strategic partner of Sharecare. Chief digital officer and senior vice president of Anthem, Rajeev Ronanki will join the board of directors of Sharecare.
Anthem's Ronanki said, "We have the firsthand experience with what doc.ai has contributed to healthcare transformation and we are looking forward and excited to work together and bring out success collectively using our extensive product offerings and customer bases. Both the organizations are focused much on the end-user and technology visions are shared to deliver outcomes proactively and in a personalized way. We are united to improve the health of the consumers and bring out innovations in the field of healthcare”.
The deal has not disclosed the financial terms.
This acquisition is subjected to regulators and customary closing conditions. The closing may take place in the first quarter of 2021.
For this transaction, J.P. Morgan Securities LLC acts as financial advisor and King & Spalding LLP as legal advisor to Sharecare. Foley & Lardner LLP. is providing regulatory support for doc.ai and L2 Counsel, P.C. acts as legal advisor.
doc.ai, the Silicon Valley-based company, was founded in 2016. This has the vision of accelerating digital transformation in healthcare using privacy-preserving infrastructure and edge computing. This has also got the goal of unlocking health data value. the company is licensed to create AI modules and make various products for various client portfolios, including payers, providers, and pharma.
Sharecare, the leading health company in helping people manage their health on the platform. Our data-driven and comprehensive virtual health platform are developed to assist people, employers, providers, government organizations, health plans, and communities to make sure wellbeing with positive behavior change. Focused on our philosophy, we are committed to supporting the personal health of every individual that is affordable and accessible for everyone.