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Castlight Health closes acquisition of Jiff

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Castlight Health closes acquisition of Jiff

Castlight Health, Inc completed the acquisition of Jiff.

The combined health benefits platform serves more than 240 customers.

Castlight issued approximately 27 million shares and options to former Jiff equity holders, which represents approximately 20% of the combined company on a fully diluted basis.

The company will issue 4 million more shares if Jiff achieves certain 2017 growth objectives.

As announced earlier, Castlight COO John Doyle was appointed CEO and former Jiff CEO Derek Newell president. Castlight Health co-founder Giovanni Colella became the executive chairman, and Doyle, Newell and Jiff co-founder James Currier were appointed to the board. Further, Ann Lamont stepped down from the board.

Castlight plans to provide revenue guidance for the combined company when it announces financial results for the first quarter.