Teladoc Health (NYSE: TDOC) acquired the digital mental health company in an agreement worth $ 45 million.
The company announced on Wednesday that the acquisition of Uplift, a supplier of therapy and virtual psychiatry, deepened its footprint in virtual mental health services and also allows it to provide these services on a network in a network. Uplift payment partnerships cover more than 100 million lives with a network of approximately 1,500 mental health clinicians, according to a press release from Teladoc.
The agreement concluded on April 30.
“Teladoc Health is only well placed to help us accelerate the impact of our mission,” said Kyle Talcott, founder and CEO of Uplift, in the press release.
More specifically, this agreement will help the Digital Digital Health Entity of Teladoc Health Betterhelp, the largest digital mental health supplier in this type, offer network care to its users. Betterhelp was an opinion in the wider adoption of paying contracts and other B2B strategies within digital behavioral health.
“We intend to take advantage of the expertise and position of the Betterhelp consumer market to offer more options to people to meet their mental health needs, including the possibility of accessing their advantages thanks to Betterhelp with Uplift, as well as continuous access to direct remuneration options in the United States and internationally”, Chuck Divita, CEO of Teladoc Health.
Divita has also recognized in its remarks that direct costs are the main obstacle to potential Betterhelp customers. Many of those who do not convert are an interest in using the insurance coverage.
Talcott will retain its role as CEO of Uplift and will maintain monitoring of its quality of care, its network of providers and its contractors.
“Therapists serving Betterhelp will also have the possibility of being taken into account for inclusion in the advantages coverage network, based on respective requirements, needs and interests,” said Divita.
Teladoc Health paid $ 30 million in cash to acquire an increase. The agreement also includes up to $ 15 million in additional contingent income. Uplift generated about $ 15 million in revenues last year, the statement said.
Before the agreement, the uprising had been at least somewhat acquired. He connected to university mental health services With the acquisition of Tao Connect about a year ago. He also acquired the virtual psychiatric supplier Mincière in November 2023.
Uprising collected a round of funding of $ 11 million In July 2023. Total funding of the Levée company totaled around $ 22 million. Ballast Point Ventures led this tour in 2023.
On the side of Teladoc health, Betterhelp withered, financially speakingWhile mental health services within the combined virtual health care offer in Téladoc increased.