The deal values One Medical at around $3.9 billion, and marks one of Amazon’s largest moves into health care.
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“The opportunity to transform health care and improve outcomes by combining One Medical’s human-centered and technology-powered model and exceptional team with Amazon’s customer obsession, history of invention, and willingness to invest in the long-term is so exciting,” One Medical CEO Amir Dan Rubin said in a statement.
“There is an immense opportunity to make the health care experience more accessible, affordable, and even enjoyable for patients, providers, and payers. We look forward to innovating and expanding access to quality healthcare services, together,” said Rubin.
Rubin will remain One Medical’s CEO once the acquisition is completed, the companies said.
M&A’s becoming noteworthy
San Francisco-based One Medical raised $245 million through its IPO in January 2020. The company’s stock price is down around 5% since the beginning of the year, opening at $16.96 on Thursday. Before the company went public, it raised money from investors including GV and Benchmark, according to Crunchbase.
It’s the latest in M&A activity involving new-ish public companies. Unity and IronSource, for example, announced last week that the companies would merge, with IronSource becoming a subsidiary of Unity. Both companies had gone public within the last two years.
This is Amazon’s first acquisition of a U.S.-based company so far this year. The company’s last health-related company purchase was Chicago-based Health Navigator which it bought in October 2019, according to Crunchbase.
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Illustration: Dom Guzman
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