Oura to Acquire Counsel Health for $625 Million

Under the terms of the agreement, Oura is acquiring Counsel Health for $625 million in cash, subject to purchase price adjustments. The announcement was published by Oura on 10 November 2026 and is carried on Counsel’s own newsroom, and it states the price as a single cash figure: the consideration is paid in cash alone, with no share component. Oura says the transaction is expected to close before the end of the calendar year, subject to customary closing conditions, and its blog post for members gives the same horizon, saying the acquisition is expected to close near the end of this year.

The release also records how the agreement was reached. Counsel’s founder and chief executive officer, Muthu Alagappan, MD, says: “From the start, our teams bonded over a joint vision, shared culture, and mission, further solidifying as we negotiated our deal over the past few months.” He adds that he is “thrilled to join Oura to make high-quality care more accessible across a wide range of acute and chronic conditions.” The leadership continuity is a notable feature of the structure, because the founder who built Counsel’s medical AI joins the buyer rather than stepping away from the work.

A cash price with customary purchase price adjustments

Two elements of the wording matter to anyone modelling the transaction. The first is that the price is cash, so the amount stated in the announcement is the amount of the agreed consideration, expressed in US dollars with no exchange rate or share price to apply. The second is that the price is subject to purchase price adjustments, the standard mechanism by which a headline figure is finalised at closing against the measures the parties have agreed. This report therefore uses the headline $625 million throughout, and the data workbook records it with the exact phrase from the release.

Closing before the end of the calendar year

The announcement fixes the closing window by the calendar rather than by a regulatory event: the transaction is expected to close before the end of the calendar year, subject to customary closing conditions. From the announcement date of 10 November 2026, that leaves a window of about seven weeks. The data workbook computes the exact number of days to the latest expected date and shows its arithmetic.

After closing, Counsel will continue to serve existing and new enterprise partners with the goal of bringing its AI-native care model to millions of patients beyond Oura’s member base. Counsel’s service is available through enterprise partnerships that include health plans, health systems, consumer health organizations and employers, and the release states that by delivering high-quality care at scale, Counsel aims to expand clinical capacity while improving access and affordability.

1. 1.Oura and Counsel Health sign a definitive agreement (announced 10 November 2026).
2. 2.Customary closing conditions are satisfied.
3. 3.The transaction closes, expected before the end of the calendar year.
4. 4.Oura and Counsel build on their existing partnership across preventive care, acute care, and specialty and chronic care.
5. 5.Counsel continues to serve existing and new enterprise partners beyond Oura’s member base.

Oura published preliminary results in the same announcement as the agreement. For the quarter ended 30 September 2026, revenue grew 153 percent year over year to $533 million, gross margin continued to expand year over year, and the company delivered $87 million of Adjusted EBITDA, representing a 16 percent margin. For its fiscal year 2026, Oura generated revenue of approximately $1.75 billion, representing 92 percent year-over-year growth.

Oura states that the results are preliminary and unaudited, that they are based on information available to management as of the date of the release, and that they are subject to completion of its financial closing procedures. Readers citing the figures should treat them as Oura’s own preliminary numbers, which is how the data workbook records them, each with the exact phrase from the release.

Over six million members and a platform that has grown with the ring

Executive chairman David Shuman places the acquisition in the context of the company’s growth: “Over the past 10 years, our ring has gotten smaller and our platform has gotten bigger.” He points to Oura’s record growth of 153 percent in the quarter and its over six million members as the basis for the investment, and says that Oura tells members what is happening in their bodies while Counsel helps them act on it. In his words, the combination expands Oura’s addressable market, deepens the value delivered to every member and increases lifetime value, while Counsel’s enterprise partners open the door to millions of people beyond the existing member base.

Oura describes itself as a health intelligence platform designed to transform how people understand and manage their health in everyday life. The platform is anchored by the Oura Ring, which tracks 50+ health metrics continuously and supports millions of members worldwide across sleep, activity, stress, readiness, women’s health, metabolic health and heart health. Oura adds that it is purpose-built to leverage the finger’s unique physiological advantages for photoplethysmography (PPG) measurement, producing a stronger signal than wrist-based wearables, and that its core metrics are scientifically validated against medical gold standards.

A platform built across more than 1,200 partners

Oura says it is trusted by an ecosystem of more than 1,200 partners and that its ring empowers individuals and thousands of research teams, healthcare providers, sports teams and organizations. The company was founded in Finland in 2013 and is headquartered in San Francisco, with its European Union headquarters in Oulu, Finland. The acquisition adds a clinical layer to that platform, and the announcement describes the sequence in three parts: the ring measures signals from the body day and night, the Oura App turns those signals into insights through features such as Health Radar, Health Panels and Symptom Radar, and Counsel turns that context into care.

Counsel Health describes itself as the AI-native primary care company serving health plans, health systems, digital health solutions, employers and consumers. Its clinically supervised model combines medical AI with in-house physicians to deliver immediate, high-quality care, resolving the majority of member needs within minutes. Counsel states that its mission is to multiply the world’s clinical capacity through the pursuit of safe autonomous care, and in October 2026 it noted that more than 8 million people across the country have access to Counsel through enterprise partnerships and direct-to-consumer channels.

Members begin by chatting with Counsel AI, which draws on connected medical records, prior interactions, evidence-based clinical guidelines and continuous biometric data to provide personalized guidance. At any time during the chat, a member can choose to add a Counsel physician who is able to provide a diagnosis, prescriptions and referrals, as appropriate. The announcement lists the range this covers for Oura members: quick questions and prescriptions, lab results, chronic care and referrals.

A clinical AI harness with specialized agents and a Clinician Cockpit

At the core of Counsel’s platform is a clinical AI harness that invokes specialized agents for tasks such as medical history-taking, guideline retrieval, records review and emergency detection. On the backend, Counsel’s physicians use a proprietary Clinician Cockpit, an AI-native care delivery interface that synthesizes a patient’s medical record and longitudinal health trend to provide context-aware clinical suggestions that improve physician decision-making. Counsel’s founder has called the cockpit an “Iron Man suit” for its doctors, one that enables asynchronous care at a scale and quality that could not exist before.

Counsel states that investments in the cockpit have increased physician efficiency and quality by nearly 400%, enabling sub-5-minute response times to member messages and some of the fastest access to doctors in the country. Its medical group now offers physician coverage in nearly all 50 states. In its release of 3 February 2026, Counsel also notes that it applied guardrails, context-retrieval methods and healthcare-specific evaluation frameworks to its medical AI, resulting in a system designed for real medical use.

A 96% resolution rate, 2-minute response times and $381 in annual savings

Counsel summarizes the results of its clinical and technical investments in three measures: a 96% issue resolution rate without escalation, 2-minute response times from physicians, and $381 annual savings per engaged member. These are Counsel’s own measures, stated in its releases of 3 February and 7 April 2026, and each keeps the definition its source gives. Counsel states that, by replacing traditional access points such as nurse triage lines and telehealth, it helps partners reduce unnecessary downstream utilization, lower costs and improve member engagement.

For consumers, Counsel’s pricing is simple. A physician visit costs $29, and an annual Counsel Signature membership provides unlimited access to Counsel physicians for $300 per year, equivalent to $25 per month. Counsel contrasts this with traditional specialty visits, which can range from $100 to $600 depending on insurance coverage, and notes that its physicians prescribe existing generic medications when clinically appropriate.

A founder who is an AI researcher and physician, and a $25M Series A

Dr. Muthu Alagappan is an AI researcher-turned-physician. Before founding Counsel, he served as Chief Medical Officer at Notable Health and as an Attending Physician at Massachusetts General Hospital and UCSF, and he earned both his BS and MD from Stanford University, where he published papers at the intersection of healthcare and artificial intelligence. Counsel’s leadership team also includes Dr. Rishi Khakhkhar as Chief Medical Officer and Robert Christ as Chief Technology Officer.

Counsel announced its $25 million Series A, led by Andreessen Horowitz (a16z) and GV, on 16 October 2025, alongside the launch of its next-generation AI care platform. The round followed an $11 million Seed raise led by a16z in October 2024, in which Asymmetric Capital Partners, Floodgate Fund and Pear VC participated. At the Series A announcement, Counsel said it already served more than 100,000 members nationwide across several existing partnerships and that the funding would support the growth of its physician network, continued investment in AI, and enterprise partnerships with payers, employers and provider groups.

Counsel was named to the 2026 New York Digital Health 100, now in its seventh year, a list published by Digital Health New York that includes 48 new companies. Counsel’s release of 3 February 2026 links its momentum over the prior year to its $25M Series A, and the data workbook records the Series A and the Seed round as the funding figures the primary sources state.

Oura describes Counsel as the AI-native, physician-supervised care platform with which it has partnered since May 2026, and the acquisition builds directly on that work. Counsel’s own announcement of the partnership says that Oura Members can start with medical AI from Counsel for clinical questions informed by their Oura data and, when needed, connect with Counsel’s board-certified physicians within minutes, right in the Oura App. A member can arrive with any health concern, such as a headache or nausea, and begin chatting with medical AI that reviews medical history, incorporates biometric Oura data and asks follow-up questions.

Oura frames the shift in terms of access to care. It cites a typical primary care visit in the United States lasting about 18 minutes and a projected shortage of as many as 86,000 physicians by 2036, and it notes that those short visits give a doctor only a snapshot of the patient. With Oura data available to Counsel doctors, Oura says, a member has a rich, ongoing picture of their health, exactly the kind of context that helps medical care feel personal.

Consent decides what physicians see

Oura states that members are always in control of their data: only with their permission can Counsel physicians see Oura data and past conversations. When members do share, they do not have to repeat their history every time. Many already choose to. Oura says that since the partnership began, more than half of Counsel users in Oura Labs have shared their Oura data with their physicians, and Counsel adds that among members using Counsel, more than 90 percent of those surveyed say their Oura data helped them get better care.

Two members, two kinds of question in Oura Labs

Oura’s announcement shares two member stories from Oura Labs. Sue, 68, came down with food poisoning and asked whether she should still take her scheduled GLP-1 injection. A physician reviewed her health history along with her Oura data and recommended that she delay the injection by one day, and Sue came back the next time she had a question. Maria, 59, lives with multiple sclerosis, and after surgery she wanted to understand whether what she felt was part of healing, part of her condition or something new. With Oura and Counsel together, her Oura data showed how her body was responding over time, and the care she received took her broader health story into account.

What continuous biometric data lets a physician do

Alagappan explains the idea with two examples. When Oura data flags a possible infection, Counsel can diagnose the underlying problem and prescribe the right antiviral or antibiotic. When it detects a drop in blood oxygen saturation, Counsel can use that data to tell a simple respiratory virus from an acute asthma exacerbation that requires an emergency room visit. He writes that “Over time, we believe we can use Oura data to help manage your complex conditions like hypertension, hyperlipidemia, and diabetes—making personalized medication adjustments based on your ring data.”

The release names three areas in which Oura and Counsel plan to build on the partnership. In preventive care, members recognize changes in their health earlier through continuous monitoring and take proactive steps with clinical guidance. In acute care, members are connected with medical AI and physicians for timely guidance, support or prescriptions for episodic health concerns. In specialty and chronic care, Counsel provides ongoing support for needs that require continuous management, including reproductive health, aging and cardiometabolic health.

On 17 September 2026, Counsel announced its participation in the Centers for Medicare & Medicaid Services Innovation Center’s Advancing Chronic Care with Effective Scalable Solutions (ACCESS) Model under the early cardio-kidney-metabolic (eCKM) track. Starting in early 2027, Counsel will deliver AI-native chronic care for hypertension, obesity, hyperlipidemia and/or prediabetes at no out-of-pocket cost to eligible Medicare beneficiaries across nearly all U.S. states. Counsel is partnering with Oura on the program, expanding on the partnership announced in May.

Counsel places the program in the context of need. More than 90% of adults aged 65+ live with a chronic condition, and over two-thirds of Medicare beneficiaries are managing multiple chronic diseases, yet many of the advances in digital health that have made care more accessible and personalized have not reached Medicare beneficiaries at the same scale. The ACCESS Model is designed to expand access to technology-enabled chronic care for this population, and Counsel brings personalized guidance from its medical AI alongside on-demand access to board-certified physicians.

Enrollment through the Counsel app or the Oura App

Patients will be able to access the program through Counsel’s desktop or mobile app, where clinical eligibility is confirmed by a Counsel physician, including whether the patient has one or more qualifying conditions. Oura participates as a technology and marketing partner: the Oura App will promote Counsel’s ACCESS program to Oura Members and connect interested members with Counsel, while Counsel independently confirms clinical eligibility and manages enrollment and care. For patients who also use the Oura Ring and consent to share their Oura data, Counsel will use biometric health insights from the Oura App to deliver more personalized care.

Members aged 65 and over rank highly in daily Oura App engagement

Counsel’s announcement notes that members aged 65 and over are among Oura’s most engaged age groups, ranking highly in daily app engagement, and that 20% of Oura Members in this age group have a BMI of 30 or higher, which underscores the relevance of ACCESS’s focus on obesity and related chronic conditions. It reports that early results from the partnership are encouraging, since members who saw a physician rated their care experience 4.6 out of 5.

Counsel’s Chief Medical Officer, Dr. Rishi Khakhkhar, describes the philosophy behind the program: “chronic care management must shift from an episodic model to continuous, always-available care.” That language matches the continuous-data theme of Oura’s own announcement, and it explains why the two companies present ACCESS and the acquisition as parts of one effort to move members from insight to physician-led action.

Counsel’s announcement of 27 October 2026 places its weight management program in a market that has moved quickly. The percentage of US adults taking GLP-1 medications for weight loss has risen to 11% in 2026, up from 3% in 2024. Counsel adds that continuous, always-accessible care plays an important role in supporting long-term adherence, and it cites a figure that explains why: only 32% of GLP-1 users remain on therapy by the end of year one, dropping to 15% by year two.

Counsel’s program is built around the idea that patients taking GLP-1s should have continuous access to high-quality medical care, not just a prescription. Members complete a digital intake and connect with a board-certified Counsel physician, who evaluates their health, determines eligibility and develops a personalized treatment plan. When clinically appropriate, Counsel physicians can prescribe weight management medications, including Wegovy®, Zepbound® and oral Foundayo™. Throughout treatment, Counsel’s medical AI proactively checks in on progress and side effects, and members can connect with a physician, typically within minutes, whenever they want support.

LillyDirect access and $300 annual membership pricing

The program is available to eligible members across the 44 states where Counsel’s consumer platform operates, and it is also available through the LillyDirect website. LillyDirect is Eli Lilly and Company’s direct to consumer digital pharmacy, and as one of its providers Counsel offers eligible consumers physician-led evaluation, personalized treatment that includes, when clinically appropriate, a prescription for GLP-1 medications, and ongoing medical support. Members choose between an annual Counsel Signature membership, which provides unlimited access to Counsel physicians for $300 per year, or $29 per physician visit with no ongoing membership required.

One membership across weight management and primary care

Because obesity rarely exists in isolation, the same Counsel membership extends beyond weight management to comprehensive primary care, covering urgent concerns and related chronic conditions such as hypertension, diabetes and high cholesterol. Counsel’s Chief Medical Officer, Dr. Rishi Khakhkhar, notes that obesity is closely connected to many of the conditions physicians see every day, from diabetes and cardiovascular disease to sleep apnea and musculoskeletal pain. That whole-patient approach is the same one Counsel described in its release of 7 April 2026, when it expanded into lifestyle and chronic conditions.

In that April release, Counsel cited the CDC figure that 75% of U.S. adults live with at least one chronic condition, along with industry reports that project healthcare costs for payers to increase by approximately 10% in 2026, largely driven by specialty medications and chronic disease management. Alagappan added that over 74 million Americans lack basic access to care, and Counsel set its $29 consultation against traditional specialty visits that can range from $100 to $600.

Next step: Counsel moves further into the Oura App

Oura says that bringing Counsel into Oura lets it build the experience as one connected service, with privacy, consent and safety designed in from the start, and that it will keep expanding the kinds of everyday and ongoing health needs it can help with. Counsel will also keep working with health plans and health systems, so that physician-backed care reaches more people, including people who do not wear an Oura Ring. Oura adds that it will share more as the experience comes to the Oura App and that, in the meantime, members can explore Counsel in Oura Labs.