Sharecare Inc. (Nasdaq: SHCR) – a large digital health company that owns the home-based care coordinator CareLinx – confirmed last week that it had received an unsolicited acquisition proposal from Claritas Capital.
Specifically, Claritas Capital’s proposal included an acquisition of all of the outstanding shares of Sharecare common stock “for cash consideration of between $1.35 and $1.80 per share.”
At market close Tuesday, Sharecare’s stock price was at $1.20 per share.
“Consistent with its fiduciary duties, the company’s board of directors will carefully review Claritas’ proposal with the board’s advisors and pursue the course of action it determines to be in the best interests of the company and all of its stockholders,” Sharecare said in a statement.
Based in Atlanta, Sharecare is a health and wellness company that provides consumers with personalized health-related information, programs and resources. Its offerings include home-based care coordination through CareLinx, therapeutics, education resources and more to nearly 10 million employees, plan members and other patients.
On its end, Claritas Capital is a private equity fund based in Nashville. Its portfolio includes: the largest Program of All-Inclusive Care for the Elderly (PACE) company in the country, InnovAge (Nasdaq: INNV); Seniorlink, a tech-enabled care management company; and the wound care company Esperta Health.
Claritas is a preexisting investor in Sharecare.
Sharecare originally got deeper into the home-based care space in 2021 when it acquired CareLinx for $65 million. CareLinx has a network of about 450,000 caregivers and clinicians, and works with payers, providers, employers and consumers directly to deliver home-based care.
Since Sharecare acquired CareLinx, the latter has seen significant growth.
“We expanded our home care offering to deliver tailored care management programs and traditional care to high-risk populations, which results in improved experiences, member acquisition and retention, quality ratings and cost savings,” Sharecare Chairman and CEO Jeff Arnold said in March.
Arnold said that CareLinx had beat revenue expectations under Sharecare ownership and taken on close to 2 million more Medicare Advantage (MA) members.
“The most undervalued resource in the American health care system is the non-medical caregiver or the unpaid family caregiver,” Francesca Rinaldo, the head of clinical strategy for home care at Sharecare, said in August at Home Health Care News’ FUTURE conference. “We leverage technology to get them better pay, faster pay and then we also provide them with resources for professional development. … They use our platform almost like a LinkedIn for their caregiving career.”
Sharecare became a publicly listed company in June 2021 after combining with the special purpose acquisition company (SPAC) Falcon Capital Acquisition Corp.
If Sharecare decides to accept Claritas’ offer, Claritas will have significant home-based health care capabilities in its portfolio.
“There is no certainty that any transaction will be consummated, and Sharecare does not intend to comment further unless it determines that additional disclosure is appropriate,” Sharecare said in the statement.