LifeSpeak Inc. announced the acquisition of ALAViDA Health Ltd., a Vancouver-based digital health company that provides cognitive-behavioral therapy (CBT) health solutions for substance use disorders (SUD), for total consideration of $12 million, comprised of a $7 million cash payment and potential for up to a $5 million earnout.
Founded in 2004, LifeSpeak Inc. is a leading software-as-a-service provider of a platform for mental health and total wellbeing education for employees and customer-focused organizations. Lifespeak’s 100% confidential platform is packed with thousands of micro-learning videos, podcasts, “Ask the Expert” chat sessions and tip sheets covering a wide range of topics, including mental health, financial well-being, marital relationships and eldercare. Headquartered in Toronto, LifeSpeak serves a diverse global client base across a number of industries and sectors, including Fortune 500 companies, government agencies, insurance providers and other health technology firms.
ALAViDA Health Ltd. Is Canada’s first virtual care provider focused on the science of substance use management with a one-stop-shop approach to SUDs of all types. Founded in 2016, ALAViDA connects patients with behavioral coaches, therapists and physicians who work together as a team to deliver personalized care to their patients’ smartphones. ALAViDA’s approach to treating SUDs seems to be effective, with more than 79% of users reporting increased control, and 86% reporting a reduction of their substance use.
LifeSpeak’s acquisition of ALAViDA will deepen its behavioral health capabilities and bolster its existing SaaS platform offerings to serve a diverse global client base. “Combining efforts with LifeSpeak gives us the global reach to make a positive impact on millions of people around the world,” said Elliot Stone, co-founder and CEO of ALAViDA. “Like ALAViDA, empowering people is in LifeSpeak’s DNA, which affirms my belief that this is the right step for the company, our employees, and importantly, our members and clients.”
The acquisition of ALAViDA is a key investment for LifeSpeak that aligns with the company’s vision of accelerating growth through acquisitions. This also follows the recent acquisition of the digital fitness platform LIFT Digital by LifeSpeak. In addition to using the net proceeds from its $125 million initial public offering to augment its portfolio, LifeSpeak has also committed further resources to content development, platform enhancements and global market expansion.
