Canadian Healthcare Technology Logo
  • Issues
    • Current Print Issue
    • Print Archive
  • Advertise
    • Publishing Schedule
    • Circulation
    • Unit Sizes and Rates
    • Mechanical Requirements
    • Electronic Advertising
    • White Papers
  • Subscribe
    • Print Edition
    • e-Messenger
    • White Papers
  • Events
  • Vendors
  • About Us

GE [April2023]

GE [April2023]

Enovacom FHIR

Enovacom FHIR

Innovation

Startup Castlight now worth shocking $3 billion

March 19, 2014


NEW YORK – Shares of Castlight Health Inc. surged in their first day of trading, after the health-plan software maker’s initial public offering raised more money than expected. The San Francisco company’s stock more than doubled to $37.50, up 134% from the $16-a-share offer price available to buyers in the IPO – typically large investors like mutual funds and hedge funds.

At its opening price, Castlight carried a market value of about $3.2 billion, despite it having posted just $13 million in revenue last year and, according to analysts’ estimates, no profits yet in sight.

Castlight’s provides its offering over the Web to subscription-paying customers – corporations looking to lower costs and improve efficiency in employee healthcare plans. The company provides data on the cost and quality of medical services like doctor visits and lab tests.

“It’s a real solution to a huge intractable problem that has defeated the best efforts of the self-anointed geniuses in Washington,” Rett Wallace, cofounder of Triton Research told the Wall Street Journal. Triton Research analyzes private tech, media and communications companies.

Castlight listed on the New York Stock Exchange under the symbol “CSLT.” Goldman Sachs Group Inc. led the IPO with Morgan Stanley.

Castlight was founded in 2008 by three health tech executives – including Todd Park (pictured), the United States’ current chief technology officer. The company gained attention last year after it closed $100 million in funding and announced major customer wins, including organizations like Honeywell, Life Technologies, and Indiana University. The company reported 2013 revenue of $13 million, up from $4.2 million a year earlier.

Castlight isn’t the only health tech company ripe for an IPO. Practice Fusion and ZocDoc are both strong candidates to go public next, with total financing of $155 million and $99 million, respectively. The health IT market has recently received an immense amount of interest from investors, who poured a record $390 million into digital health companies in January, according to Rock Health.

PreviousNext

AGFA webinar

AGFA webinar

News and Trends

  • Montreal’s ELNA Medical emerges as a healthcare AI powerhouse
  • Interoperability is a critical factor for the success of ML applications
  • Brant system is first in Canada to adopt cloud-based MEDITECH EHR
  • ‘Smart wheelchairs’ to take patients to imaging suites being tested
  • Digital transformation through partnerships in home healthcare
More from the Print Edition

Subscribe

Subscribe

Free of charge to Canadian hospital managers and executives in nursing homes and home-care organizations. Learn More

Follow us on Social Media!

Follow us on Social Media!

VNEXT

VNEXT

NiHi winter 2024

NiHi winter 2024

Advertise with us

Advertise with us

Sectra SaaS

Sectra SaaS

Change Healthcare [2]

Change Healthcare [2]

Zebra

Zebra

Cisco 4

Cisco 4

AGFA webinar

AGFA webinar

Advertise with us

Advertise with us

Sectra SaaS

Sectra SaaS

Change Healthcare [2]

Change Healthcare [2]

Zebra

Zebra

Cisco 4

Cisco 4

Contact Us

Canadian Healthcare Technology
1118 Centre Street, Suite 207
Thornhill, Ontario, Canada L4J 7R9
Tel: 905-709-2330
Fax: 905-709-2258
info2@canhealth.com

  • Quick Links
    • Current Print Issue
    • Print Archive
    • Events
    • Vendors
    • About Us
  • Advertise
    • Publishing Schedule
    • Circulation
    • Unit Sizes and Rates
    • Mechanical Requirements
    • Electronic Advertising
    • White Papers
  • Subscribe
    • Print Edition
    • e-Messenger
    • White Papers
  • Resources
    • White Papers
    • Writers’ Guidelines
    • Privacy Policy
  • Topics
    • Administrative Solutions
    • Clinical Solutions
    • Companies
    • Continuing Care
    • Diagnostics
    • Education & Training
  •  
    • Electronic Records
    • Government & Policy
    • Infrastructure
    • Innovation
    • People
    • Privacy and Security

© 2023 Canadian Healthcare Technology

The content of Canadian Healthcare Technology is subject to copyright. Reproduction in whole or in part without prior written permission is strictly prohibited. Send all requests for permission to Jerry Zeidenberg, Publisher.

Search Site

Error: Enter a search term

  • Issues
    • Current Print Issue
    • Print Archive
  • Advertise
    • Publishing Schedule
    • Circulation
    • Unit Sizes and Rates
    • Mechanical Requirements
    • Electronic Advertising
    • White Papers
  • Subscribe
    • Print Edition
    • e-Messenger
    • White Papers
  • Events
  • Vendors
  • About Us