Mental health provider Thriveworks kicked off October with a deal announcement. The company announced on October 2 that it has acquired AI-powered behavioral health company Synchronous Health.
Synchronous Health is a behavioral telehealth company that delivers online counseling and coaching from human specialists with support between sessions from Karla®, an AI bot.
Lynchburg, Virginia-based Thriveworks offers therapy and psychiatry services through in-person and virtual modalities. The provider operates more than 340 facilities in 49 states and Washington, D.C., and employs more than 2,200 clinicians.
The acquisition enables Thriveworks to expand its technology base and operate enterprise relationships with large partners. Both Thriveworks and Synchronous will continue operating relatively independently in the immediate future, but Thriveworks will have access to Synchronous’s assets from day 1.
While expanding its enterprise agreements, Thriveworks will continue to grow its direct-to-consumer business. Thriveworks patients will not have access to Karla immediately following the acquisition, but Thriveworks will explore the technology’s capabilities and potentially make it available for its patients in the future.
The deal is Thriveworks’ first acquisition, and more may be on the way after the company fully integrates with Synchronous, according to executives at the company. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 190th eHealth transaction of 2024, and the 34th in the telehealth specialty. There were 60 telehealth deals announced during 2023, and 55 announced during 2022.
