DarioHealth buys Twill 

NEW YORK – DarioHealth has acquired Twill in a move that the company says creates one of the most comprehensive digital offerings in the market for chronic conditions, spanning a wide spectrum of health and well-being needs. Dario says the deal also creates immediate scale, with three of the top eight national health plans, multiple Fortune 100 employers and several major pharmaceutical companies as customers. “The Twill acquisition is an incredible opportunity to bring together our complementary solutions and create an unrivaled platform for the next generation of consumer-centric digital health,” said Erez Raphael, CEO of Dario. “The addition of Twill instantly boosts revenue and margins, leveraging a robust SaaS-like model to fuel expected rapid growth and accelerating profitability. We are confident in our ability to integrate Twill and its employees and operations, as we have a track record of integrating previously acquired businesses.” Under the terms of the deal, Dario paid $10 million of cash and agreed to issue approximately 10 million shares of common stock in the form of pre-funded warrants for the benefit of Twill's debt holders and equity holders, vesting in four equal amounts at 270 days, 360 days, 540 days and 720 days, post deal closing. Concurrent with the deal, Dario priced a $22.4 million private placement of convertible preferred stock, priced at the market under NASDAQ rules, with participation from investors from both companies. Dario agreed to issue shares of newly designated convertible preferred stock to be sold at $1,000 per share, with conversion prices of $2.02 and $2.14, raising gross proceeds of $22.4 million.