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Accolade, the Plymouth Meeting-based corporate health services firm, announced that Rajeev Singh has joined the company as chief executive officer and member of the company's Board of Directors. Singh most recently was co-founder, President & COO of Concur prior to its acquisition by SAP last year for $8.3 billion. Also, two other former Concur execs will join the company; Michael Hilton, another Concur co-founder, and Rob Cavanaugh will both be in senior operating positions. Along with their additions a dual headquarters structure will be established with a Seattle headquarters to complement the one in the Philadelphia area.
|Rajeev Singh , new Accolade CEO|
Singh was quoted in the Seattle Times as saying that Accolade’s Seattle headquarters will grow quickly and is eventually expected to house a triple-digit number of employees.
But that doesn’t mean the company will need to relocate its 700-plus employees, most of whom are in Philadelphia, Singh said, citing as examples other 'big technology' companies that need to have a “massive presence” in multiple cities.
Earlier this year, Accolade received $22.5 million in strategic financing from the parent company of Independence Blue Cross, and McKesson Ventures. According to CrunchBase, that round valued Accolade at $500 million.
Prior to this summer, Accolade had raised approximately $74 million, again according to CrunchBase. Carrick Capital Partners has been one large investor, while Comcast Ventures was another investor.
In the Spring of 2014, Accolade acquired konciergeMD, a software company based in Newtown Square, Pa., to enhance its consumer healthcare engagement service.
Tom Spann, Accolade co-founder who will now serve as Vice Chairman and COO, said in the release: "Raj and his team have deep experience in consumer design, technology, data science and serving large organizations."
I assume there was an investment transaction of some kind related to this move, though none was indicated in this announcement. I can guess there are some possible additional players behind it, but will await further information on that as well.