- Castlight Health (NYSE:CSLT) is up 23.1% premarket as it announces a strategic deal with SAP to take a key role in the SAP Connected Health platform.
- The deal means a distribution partnership to add Castlight's health benefits platform to SAP's SuccessFactors Human Capital Management suite, and SAP has bought 4.76M shares of new Class B Castlight stock at $3.77/share (about $18M in cash).
- Along with that purchase, SAP gets a warrant to buy another 1.9M shares of Class B stock at $4.91/share.
- Castlight closed yesterday at $3.20, and is quoting at $3.94 premarket today.
- The two expect to work with customer pilots in the team-up later this year.
- Now read Castlight Health Remains On The Same Bad Track »