Accolade (ACCD) said Wednesday it has agreed to be acquired by Transcarent for $7.03 per share, which it said represents a total equity value of approximately $621 million.

The companies said the acquisition price represents a premium of approximately 110% over Accolade's Tuesday closing stock price.

The companies said Transcarent will finance the transaction through equity financing led by General Catalyst and Glen Tullman's 62 Ventures.

The boards of directors of both companies have unanimously approved the deal, which is expected to close in Q2 following stockholder and regulatory approvals and other customary closing conditions. Upon completion, Accolade will become a privately held company and its stock will no longer be listed on Nasdaq, the companies said.