Evolent Health Inc. has acquired Accordion Health Inc. and its technology assets for $3.2 million.
The assets acquired were classified as a $3.3 million technology intangible asset, inclusive of approximately $100,000 of capitalized transaction costs. The useful life of the acquired intangible assets was determined to be five years, subject to amortization.
Accordion Health provides technology that could improve Evolent Health's risk-adjustment factor services to its partners, according to a quarterly filing.
Accordion Health's software development team joined Evolent Health as full-time employees. Members of the team will be eligible for an additional $800,000 earnout, contingent on the completion of specified software development targets.