Castlight Health Explained

Castlight Health, Inc.
Type:Public
Traded As: (Class B)
Russell 2000 Component
Foundation:2008
Fate:Acquired by Vera Whole Health
Key People:Maeve O'Meara, CEOSiobhan Nolan Mangini, President & Chief Financial OfficerGiovanni Colella, MD Former CEO and Founder. John Doyle, Former CEO
Revenue: US$143 million
US$156 million [1]
Net Income: US$ (58) million loss(2016)[2]

Castlight Health was a San Franciscobased healthcare navigation company. It offered comparison tools showing price and quality metrics for tests and procedures offered by healthcare providers.[3]

The Castlight platform was licensed through a business-to-business-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.[4] In 2012 the company secured $100 million in investment funds.[5] In 2014 the company had its initial public offering,[6] [7] valued at $2 billion.[8] The company claimed to have grown to work with "over 260 customers covering 10 million lives" on the platform.[9]

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 of $2.05 for all outstanding Class A and B shares.[10]

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.[11] As of November 7th 2023, it is unclear what that the fate of this investigation is.

Notes and References

  1. Web site: Castlight Health, Inc Revenue 2012-2021 | CSLT.
  2. Web site: Form 10-K (2016). www.sec.gov.
  3. Web site: 2013-07-05 . New health data outs doctors whose patients die more often . 2023-03-24 . VentureBeat . en-US.
  4. Web site: Anthem Blue Cross and Blue Shield and Castlight Health Announce Strategic Collaboration . . November 4, 2015 . November 4, 2015.
  5. Web site: Empson . Rip . 2012-05-02 . Castlight Lands A Whopping $100M D Round To Bring Transparency To Healthcare Costs . 2023-03-24 . TechCrunch . en-US.
  6. Web site: U.S. IPO Recap: Castlight Health's 149% Pop Shows Healthy Tech Demand . Seeking Alpha . March 18, 2014 . 20 March 2014.
  7. Web site: From casting light to total eclipse? Can a new CEO turn around Castlight Health?. Parmar. Arundhati. 2019-09-12. MedCity News. en-US. 2020-05-27.
  8. Web site: CSLT Historical Prices Castlight Health, Inc. Class B Stock - Yahoo Finance.
  9. Web site: About Castlight.
  10. Web site: 5 January 2022 . Castlight Health and Vera Whole Health to Combine to Pioneer and Scale Value-Based Care in Commercial Market . 2023-11-07 . www.prnewswire.com . en.
  11. Web site: 2022-01-05 . Castlight (CSLT) Stock Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Sale of Castlight Health, Inc. Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – CSLT . 2023-11-07 . www.businesswire.com . en.

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