Castlight Health was a
San Francisco
San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...
based
healthcare
Health care, or healthcare, is the improvement or maintenance of health via the preventive healthcare, prevention, diagnosis, therapy, treatment, wikt:amelioration, amelioration or cure of disease, illness, injury, and other disability, physic ...
navigation company. It offered comparison tools showing price and quality metrics for tests and procedures offered by healthcare providers.
[
The Castlight platform was licensed through a ]business-to-business
Business-to-business (B2B or, in some countries, BtoB) refers to trade and commercial activity where a business sees other businesses as its customer base. This typically occurs when:
* A business sources materials for its production process for ...
-based model. Employees of companies that had purchased subscriptions got access to the Castlight platform. Health plan partners, such as Anthem Blue Cross Blue Shield, provided commercial members with access to Castlight's tools as well. In 2012 the company secured $100 million in investment fund
An investment fund is a way of investment, investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These ad ...
s.initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
, valued at $2 billion. The company claimed to have grown to work with "over 260 customers covering 10 million lives" on the platform.
Acquisition by Vera Whole Health, Inc
On the 5th of January 2022 it was announced that Castlight would be acquired by Vera Whole Health for $370 million USD. Vera launched a tender offer
In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corp ...
of $2.05 for all outstanding Class A and B shares.
The same day of the announcement, Halper Sadeh LLP, an investor rights law firm, announced an investigation into whenever $2.05 per share was a fair price for investors.
References
External links
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Health care companies based in California
Companies based in San Francisco
Companies listed on the New York Stock Exchange