Babylon announced significant growth in its value-based care offerings, expanding access to approximately 135,000 lives in the U.S. and U.K. This brings the total managed lives to around 350,000 globally, including 105,000 in the U.K. by early 2022. The expansion includes 63,000 lives in Georgia and Mississippi, and 17,000 lives in California. Babylon reported a 472% year-on-year revenue growth and is finalizing its $4.2 billion SPAC merger with Alkuri Global Acquisition Corp. (NASDAQ: KURI, KURIU). The merger is set to close shortly, enhancing Babylon's operational scaling.
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Babylon has appointed David Warren as a board member and Chair of the Audit Committee, enhancing its leadership ahead of its public listing on the NYSE. With over two decades of experience, including roles at LSEG and Nasdaq, Warren aims to leverage his expertise in public markets to support Babylon's expansion. This comes as Babylon prepares for its merger with Alkuri Global Acquisition Corp. (NASDAQ: KURI), expected to close in October 2021.
Babylon Holdings Limited reported a remarkable 472% year-over-year revenue growth for H1 2021, reaching $128.8 million. The net loss improved to $75.7 million compared to $90.8 million in the previous year. The number of U.S. value-based care members surged to over 100,000, while UK coverage surpassed 102,000. Babylon's restructuring and digital health solutions are gaining traction, evidenced by a partnership with the Royal Wolverhampton NHS Trust and a strong pipeline for the second half of the year.
On July 22, 2021, research published in JMIR revealed that Babylon's digital-first NHS GP practice, Babylon GP at Hand, incurred 15-35% lower acute hospital costs compared to regional averages. Over 80% of appointments are virtual, enhancing accessibility. The study indicated that these cost savings are scalable, as the registered population doubled over two years. CEO Ali Parsa emphasized the importance of preventative healthcare in reducing overall costs, supporting Babylon's mission to provide accessible healthcare globally, particularly through digital technology.
Babylon Holdings Limited has announced a merger with Alkuri Global Acquisition Corp (NASDAQ:KURI), valuing the combined company at approximately $4.2 billion. Following the merger, Babylon will trade under the symbol BBLN on Nasdaq. The partnership aims to revolutionize healthcare by shifting from reactive care to preventative methods, covering 24 million people across multiple continents. Babylon has seen a significant growth trajectory, with a projected 4x increase in revenue for 2021 and plans for further expansion, supported by $575 million in gross proceeds from the transaction.