LifeSpeak Inc., a Toronto-based mental health and wellness company, has acquired St. Louis Park’s Wellbeats Inc. for $92.5 million. Wellbeats provides an on-demand SaaS platform focused on physical wellbeing. The Minnesota company will remain standalone and continue operating in the state.
“By joining LifeSpeak, we are advancing on our mission to provide all people the opportunity to live a healthier life, regardless of age, interest or ability. We’ve also delivered on bringing the two halves of the wellbeing equation together for our customers, who have sought mental health solutions to complement our physical wellbeing resources,” Wellbeats President and CEO Jason Von Bank said in a release. “Both Wellbeats and LifeSpeak are category leaders with impressive global partners and clients, and this partnership will accelerate our combined growth dramatically. We are excited to be part of the LifeSpeak family and look forward to continuing to deliver on our mission for our clients, their employees, and shareholders.”
The deal (the fourth from LifeSpeak since October 2021), expected to close in March, includes an upfront cash payment of $80 million with the remaining $12.5 million to be payable in a cash earnout based on predetermined 2022 milestones. Upon finalization, Wellbeats President and CEO Jason Von Bank will assume the role of Chief Operating Office of LifeSpeak.
According to Global Wellness Institute (a source provided in the press release), the corporate wellness sector is expected to reach a total addressable market of $58.4 billion by 2025, so there’s fitness gold in them thar corporations.
“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,” LifeSpeak CEO Michael Held, said in the release.
To learn more about LifeSpeark, Wellbeats, and the acquisition, you can read a Wellbeats blog detailing the deal.