TORONTO: LifeSpeak Inc. (TSX: LSPK) has signed a definitive agreement to acquire U.S. based Wellbeats Inc. for up to $92.5 million.
LifeSpeak is the leading mental health and total wellbeing platform for employers, health plans, and insurance companies.
Wellbeats, a Minnesota-based market-leading provider of an on-demand, software-as-a-service (“SaaS”) physical wellbeing platform, serves a diverse client base of 400+ U.S. and international enterprise clients.
With a combined 30 years of experience as respective leaders in digital health education and physical wellbeing, the acquisition supercharges LifeSpeak’s ability to meet rapidly growing demand from organizations for a comprehensive, single-vendor solution to meet mental and physical health support needs.
Effective corporate wellness solutions are in high demand, driven by increasing expectations from employers to provide total wellbeing support to employees and the rapidly changing nature of the work environment.
According to Global Wellness Institute, corporate wellness is expected to reach a total addressable market of US$58.4 billion by 2025. A comprehensive suite of wellbeing solutions is paramount for organizations seeking to support their employees’ mental health and physical wellbeing.
Solutions supporting the inextricable link between mental health and physical wellbeing, effectively address employee total wellbeing and may serve to improve employee productivity, engagement, and retention.
“The acquisition of Wellbeats significantly expands and diversifies the SaaS-based behavioral health and physical wellbeing solutions LifeSpeak can offer its customers and partners. Wellbeats brings an exceptional on-demand wellbeing platform to millions of users worldwide and provides us with additional growth opportunities via channel partners,” said Michael Held, CEO, LifeSpeak.
“Many organizations have expressed a strong desire to streamline their wellbeing support to a smaller number of proven brands focusing on longer-term, preventive solutions. This makes the addition of Wellbeats highly complementary to LifeSpeak’s growing lineup of digital health offerings and allows us to further extend our offering to new enterprise and embedded solutions clients.
Through this acquisition, we are excited to have the opportunity to cross-sell this extraordinary physical wellbeing platform around the world, as well as increase the prevalence of our industry-leading mental health and total wellbeing education platform.”