Employer-focused digital psychological well being firm LifeSpeak introduced its plans to purchase wellness platform Wellbeats for a whopping $92.5 million.
This information comes roughly a yr and a half after LifeSpeak scored $42 million in fairness funding.
Wellbeats is targeted on offering digital health, diet and mindfulness programs to its members. The service is ready to personalize its suggestions for every person primarily based on their curiosity, targets and talents.
Like LifeSpeak, the corporate works with employers and their HR groups to offer its companies to their workforce. Moreover Wellbeat’s shoppers embody well being plans, insurers, brokers and consultants.
WHY IT MATTERS
LifeSpeak outlined quite a lot of belongings that the acquisition will carry to the desk, beginning with Wellbeat’s SaaS-based expertise platform, and a brand new group with “complementary skillsets.”
The Toronto-based firm famous that Wellbeat’s 400-plus enterprise shoppers will assist broaden its consumer base and geographical variety.
“The acquisition of Wellbeats considerably expands and diversifies the SaaS-based behavioral well being and bodily wellbeing options LifeSpeak can supply its prospects and companions. Wellbeats brings an distinctive on-demand wellbeing platform to thousands and thousands of customers worldwide and supplies us with extra progress alternatives through channel companions,” Michael Held, CEO of LifeSpeak, mentioned in an announcement.
“Many organizations have expressed a powerful need to streamline their wellbeing assist to a smaller variety of confirmed manufacturers specializing in longer-term, preventive options. This makes the addition of Wellbeats extremely complementary to LifeSpeak’s rising lineup of digital well being choices and permits us to additional lengthen our providing to new enterprise and embedded-solutions shoppers.”
THE LARGER TREND
The worker wellness house is shortly rising. Traders and companies have taken observe. In February 2021, Fashionable Well being, a startup that works with employer-customers to offer an app primarily based package deal of psychological well being advantages, scored $74 million in funding.
Simply final month Lyra Well being, an employer-focused digital psychological well being supplier, introduced a $235 million Sequence F funding spherical in addition to the acquisition of employee-assistant program ICAS World for an undisclosed sum. This infusion of money introduced the corporate’s whole elevate to $900 million.
The house can be seeing an uptick in M&As. For instance, digital worker psychological wellness firm Ginger merged with meditation app Healthspace in a deal that reportedly values the mixed entity at $3 billion.