LifeSpeak Inc. (“LifeSpeak” or the “Company”) (TSX: LSPK), the mental health and total wellbeing educational platform for employee and customer-focused organizations, today announced it has entered into a definitive agreement and completed the acquisition of ALAViDA Health Ltd. (“ALAViDA”), a virtual SaaS-based provider of cognitive-behavioral therapy (CBT) health solutions for Substance Use Disorders (SUD).
LifeSpeak’s acquisition of ALAViDA deepens its behavioral health capabilities and will further bolster its existing SaaS platform offerings to better serve its diverse global client base. The Company believes that the acquisition of ALAViDA will enhance growth through significant cross-sell opportunities of ALAViDA’s industry-leading technology platform to LifeSpeak’s existing customer base and by introducing LifeSpeak’s platform for mental health and wellbeing education to ALAViDA’s customer base.
“One-third of workplace mental health issues are substance use challenges, but the associated stigma often prevents people from coming forward to seek the treatment or care they need. Business leaders have developed an elevated awareness of mental health issues and SUD in the workplace, and they now understand it is critical for people facing these challenges to have access to high-quality, confidential tools that can support them on their journey of behavioral change,” said Michael Held, CEO and founder of LifeSpeak. “As a global leader in mental health and wellbeing, we are proud to provide preventative mental health resource support that educates while reducing barriers to access for those most in need. ALAViDA shares this mission, and its highly experienced team has reshaped Substance Use Disorder treatment by offering CBT resources that are confidential and reduce stigma, to drive better health outcomes. This combination of shared values and commitment to addressing these issues makes this relationship a natural fit, and we look forward to working alongside the ALAViDA team to bring their cutting-edge solution to the millions of people around the globe that utilize the LifeSpeak platform.”
ALAViDA is a comprehensive SaaS-based alcohol and drug use treatment solution designed for employers that brings the key components lacking in the traditional rehab model together. The ALAViDA technology platform delivers on-demand substance use support through the privacy of an individual’s smartphone and self-guided resources available anytime, anywhere. Individuals can easily access board-certified SUD physicians, medication-assisted therapy, assessments, personalized treatment plans, care coordination, and reporting. This approach to early intervention helps keep employees at work; 95% of employees engaged with ALAViDA continue to work while receiving treatment, and 86% of members reduce substance abuse and consumption. As the leading SaaS-based SUD product in the market. ALAViDA’s growth has accelerated in recent years due to the increasing recognition and prevalence of SUD and its strong focus on enterprise client opportunities.
The acquisition of ALAViDA is a key investment that aligns with LifeSpeak’s vision of accelerating growth through acquisitions and follows the Company’s recent announcement to acquire online wellness company, LIFT Digital Inc. (“LIFT”). LifeSpeak acquired ALAViDA for total consideration of $12 million, comprised of a $7 million cash payment and the potential for up to a $5 million earnout, payable upon reaching predetermined 2022 financial performance milestones. In addition to utilizing the net proceeds from its $125 million initial public offering to augment its portfolio, LifeSpeak has committed further resources to content development, platform enhancements, and global market expansion.
The acquisitions of LIFT and ALAViDA expand the robust content offerings already available on the LifeSpeak platform. LifeSpeak, LIFT, and ALAViDA share SaaS-based business models that empower global expansion opportunities while serving employers and their employees directly and through integrated partnerships with health plans, employee associations, third-party administrators, and insurance carriers.
“LifeSpeak is at the forefront of mental health and wellbeing education. Its proven track record reflects the benefits of simplifying access and helping organizations create a safe space for employees, customers, and their families to get help earlier. We are excited to join forces with LifeSpeak in removing barriers to care,” said Elliot Stone, co-founder and CEO of ALAViDA. “ALAViDA has reshaped the substance use management industry by providing gold-standard, evidence-based collaborative care that is powered by technology. The solution can be easily incorporated into group and long-term disability employee benefit plans. Combining efforts with LifeSpeak gives us the global reach to make a positive impact on millions of people around the world. 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.”
About ALAViDA Health Ltd.
ALAViDA is Canada’s first virtual care provider focused on the science of substance use management. It is a one-stop-shop approach for any level of Substance Use Disorder – alcohol and drugs – mild, moderate, and severe. ALAViDA connects patients with behavioral coaches, therapists, and physicians who work as a team to deliver personalized care right to their smartphones. ALAViDA is an employee benefit with varying plans and personalized therapeutic programs, which has proven to minimize time out of the workplace. Traditional rehab often costs $30,000 or more a month. ALAViDA’s program is a mere fraction of that. More than 79 percent of those signed on reported increased control, and 86 percent reduced substance use. To learn more visit www.alavida.co
About LifeSpeak Inc.
LifeSpeak is a leading software-as-a-service provider of a platform for mental health and total wellbeing education for organizations committed to taking care of their employees and customers. With 17+ years of experience creating and curating thousands of expert-led micro-learning videos and other digital content, LifeSpeak’s proprietary library’s depth and breadth of easily consumable content helps companies around the world support their people anytime and anywhere. LifeSpeak serves a diverse global client base across many industries and sectors, including Fortune 500 companies, government agencies, insurance providers, and other health technology firms.
Read more here.
Access the ALAViDA TRAiL app.