Bright Health Inc. acquired Zipnosis, Inc from Ascension Ventures, LLC, Safeguard Scientifics, Inc. (NYSE:SFE), Hyde Park Venture Partners and Waterline Ventures, LLC in March 12, 2021. The combination reflects a shared vision: lowering costs and providing greater access to quality, affordable, personalized care. Jill Frew and Lee Sophocleous of Cain Brothers served as Zipnosis' exclusive financial advisor in connection with the transaction. KeyBanc Capital Markets Inc. acted as financial advisor to Zipnosis, Inc. Dorsey & Whitney LLP acted as a legal advisor to Zipnosis, Inc.

Bright Health Inc. completed the acquisition of Zipnosis, Inc from Ascension Ventures, LLC, Safeguard Scientifics, Inc. (NYSE:SFE), Hyde Park Venture Partners and Waterline Ventures, LLC for $73.5 million in March 31, 2021. Safeguard received $3.3 million of initial cash proceeds and a preferred equity interest in Bright Health. The majority of the consideration Safeguard received in the transaction is reflected in the preferred equity interest. Additional cash proceeds may be received from the final determinations of net working capital and the resolution of various escrow contingencies. The consideration includes $73.5 million, including $55.1 million in Series E preferred stock. We acquired $3.2 million of cash as part of the Zipnosis acquisition, for net total purchase consideration of $70.3 million.