| News | Press Release

Balch & Bingham Client, 2nd.MD, Recognized by the Association of Corporate Growth Houston as Finalist in Annual Deal of the Year Awards

A Balch & Bingham-led transaction for the sale of Innovation Specialists, LLC d/b/a 2nd.MD has been named by the Association for Corporate Growth (ACG) Houston as a finalist for the Fifth Annual Deal of the Year Awards, which honors the deals and dealmakers who drive middle-market growth in Houston, resulting in capital formation, more jobs, and the advancement of meaningful business relationships.

Balch & Bingham represented Innovation Specialists, LLC d/b/a 2nd.MD, a telemedicine startup founded in 2011, in connection with its sale to a healthcare technology company, Accolade (Nasdaq: ACCD). The transaction closed on March 4, 2021, with the equity of 2nd.MD valued at up to $460 million, consisting of $230 million in cash and up to $130 million in Accolade common stock. 

The combination of 2nd.MD and Accolade, market leaders in benefit navigation, health advocacy, and expert medical opinion services, enables Accolade to deliver the most comprehensive healthcare navigation experience covering more than 400 customers and 9 million lives.

The Balch transaction team was led by Philip Dunlap, managing partner of the Houston office and member of the Corporate Practice. Philip counsels private companies, private equity funds and their portfolio companies in connection with strategic investments, joint ventures, mergers, acquisitions and divestitures, as well as on general corporate matters. Philip led the deal and negotiations with Accolade’s counsel and was supported by a multidisciplinary team of attorneys across Balch’s footprint. He was assisted by Cyrus Chin, partner, and Said Jabbour, associate attorney.

Tim Segers, partner, handled tax matters on this transaction. Bea Tolsdorf, partner, assisted with health care regulatory issues and Brandon N. Robinson, partner, provided data security and compliance counsel.

“We are incredibly proud of the work completed to help our clients navigate the acquisition process. The culmination of this deal will mean a dramatic improvement in accessibility to healthcare by creating a more comprehensive and integrated healthcare navigation experience for more than 9 million people across the country,” said Philip Dunlap, managing partner of the firm’s Houston office. “We appreciate ACG Houston for recognizing these deals and celebrating our client’s successes.”  

The ACG Houston Deal of the Year Award finalists were ranked by an independent panel of top business leaders. The nomination criteria included transaction value range, industry focus and type of transaction, as well as anecdotal commentary on what makes the deal unique as far as its impact on the Houston business community. Judges evaluated deals based on the parties’ submissions as well as the overall story, economic and strategic impact, stakeholder value, and professional expertise.

The awards ceremony will take place on Tuesday, April 19, at River Oaks Country Club.

About ACG 

ACG Houston is the region’s premier association focused on middle market corporate growth. The association’s goal is to help business professionals in the M&A community do more business with the right partners. ACG Houston hosts a variety of events throughout the year to provide our local business leaders an opportunity to gain visibility and connect with people and ideas to strategically grow companies.