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Cedar, an innovative health care financial technology platform, announced it has entered into a definitive agreement to acquire OODA Health, a health care technology company focused on improving the health care administrative experience with payers and provider organizations, for $425 million. The transaction is expected to close during May 2021, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.

Florian Otto, chief executive officer (CEO) and co-founder of Cedar, will serve as CEO for the combined company. OODA Health CEO and co-founder Seth Cohen will become president of Cedar in addition to joining . . .

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