LifeSpeak snaps up fellow employer-focused wellness firm Wellbeat for $92.5M

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 equity funding. 

Wellbeats is concentrated on offering digital health, vitamin and mindfulness programs to its members. The service is ready to personalize its suggestions for every consumer based mostly on their curiosity, objectives and talents.

Like LifeSpeak, the corporate works with employers and their HR groups to supply its companies to their workforce. Moreover Wellbeat’s shoppers embrace well being plans, insurers, brokers and consultants.

WHY IT MATTERS 

LifeSpeak outlined numerous belongings that the acquisition will convey to the desk, beginning with Wellbeat’s SaaS-based expertise platform, and a brand new staff 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 by way of channel companions,” Michael Held, CEO of LifeSpeak, stated in a press release.

“Many organizations have expressed a robust want to streamline their wellbeing help 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 prolong our providing to new enterprise and embedded-solutions shoppers.”

THE LARGER TREND

The worker wellness house is shortly rising. Traders and companies have taken be aware. In February 2021, Modern Health, a startup that works with employer-customers to supply an app based mostly bundle of psychological well being advantages, scored $74 million in funding. 

Simply final month Lyra Health, 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 also 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. 

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