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Babylon completes $4.2 billion merger with Alkuri Global

Press releases may be edited for formatting or style | October 25, 2021 Business Affairs Health IT Telemedicine
PALO ALTO, Calif. and LONDON, Oct. 21, 2021 /PRNewswire/ -- Babylon Holdings Limited ("Babylon"), one of the world's fastest-growing digital healthcare companies, today announced that it has completed its business combination with Alkuri Global Acquisition Corp. (NASDAQ: KURI, KURIU and KURIW) ("Alkuri"), a special purpose acquisition company. The transaction was approved on October 20, 2021 by Alkuri's shareholders. Babylon's Class A ordinary shares and its warrants will begin trading on the New York Stock Exchange ("NYSE") on October 22, 2021 under the new ticker symbols "BBLN" and "BBLN.W", respectively.

"We founded Babylon on a fundamental belief, that it is possible to make quality healthcare accessible and affordable for every person on Earth. As we start the next part of our journey as a public company, we believe we are only just getting started as we look to re-engineer every touch point in the healthcare continuum.", said Ali Parsa, CEO and founder of Babylon. "Since our inception, we have driven significant returns for our shareholders, and we believe if we continue to deliver on our mission as we have so far, we will continue to create extraordinary value for our shareholders, but more importantly, we plan to do so by creating an even more extraordinary value proposition for our patients and partners."

As Babylon prepared to move into the public markets, Ali Parsa, in a detailed letter to shareholders, further laid out Babylon's strategic vision and the substantial momentum it has seen, as it looks to overhaul the global healthcare sector.

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The company is going public in the wake of seeing rapid progress across all of its business segments, making it one of the fastest growing digital health companies going public this year. Below are some key highlights:

- Babylon is demonstrating real growth and momentum:

Year over year H1 2021 revenue growth was 472%, on the wake of 394% growth from 2020 to 2021.
Babylon is contracted to serve over 24 million people in 16 countries, with over 15 languages. In 2020, we helped one patient every 5 seconds, with approximately 6 million interactions.
In H2 of 2021 so far, the company has contracted to more than double its covered value based lives, by adding c.135k lives as at the contract date, through its expansion to additional US states, Georgia and Mississippi, and growth across California.
Through a combination of its value-based care model, Babylon 360 and its work in primary care, Babylon will be managing c. 350k capitated budget lives globally, including 105k NHS GP at Hand lives, by the start of 2022.

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