Transcarent on Tuesday announced it has completed its $621 million acquisition of Accolade.

Accolade shareholders received $7.03 per share in cash, and the company will no longer be listed on the Nasdaq.

Transcarent CEO Glen Tullman previously led Livongo, which was purchased by Teladoc in a 2020 agreement that valued the company at $18.5 billion.

Digital health startup Transcarent on Tuesday announced it completed its acquisition of Accolade in a deal valued at roughly $621 million.

Transcarent first announced the acquisition in January, and the company said it has received all necessary shareholder and regulatory approvals to carry out the transaction. Accolade shareholders received $7.03 per share in cash, and its common stock will no longer trade on the Nasdaq, according to a release.

"Adding Accolade's people and capabilities will significantly enhance our existing offerings," Transcarent CEO Glen Tullman said in a statement. "We're creating an entirely new way to experience health and care. We are truly better together."

Transcarent offers at-risk pricing models to self-insured employers to help their workers quickly access care and navigate benefits. As of May, the company had raised around $450 million at a valuation of $2.2 billion. Transcarent also earned a spot on CNBC's Disruptor 50 list last year.