Leader in mental health and total well-being education reinforces behavior
Health platform offers with the addition of a SaaS-based cognitive behavioral therapy platform
TORONTO, October 14, 2021– (COMMERCIAL THREAD) – LifeSpeak Inc. (“LifeSpeak” or the “Company”) (TSX: LSPK), the mental health and total wellness educational platform for employee and customer-centric organizations, announced today hui have entered into a definitive agreement and completed the acquisition of ALAViDA Health Ltd. (“ALAViDA”), a virtual SaaS provider of Cognitive Behavioral Therapy (CBT) health solutions for substance use disorders (SUD).
LifeSpeak’s acquisition of ALAViDA strengthens its behavioral health capabilities and will further strengthen its existing SaaS platform offerings to better serve its diverse global customer base. The Company believes that the acquisition of ALAViDA will further enhance growth through significant cross-selling opportunities of ALAViDA’s industry-leading technology platform to existing LifeSpeak customers and by introducing LifeSpeak’s platform to mental health and well-being education for ALAViDA customers.
“One-third of mental health problems in the workplace are substance use issues, but the associated stigma often prevents people from seeking the treatment or care they need. Business leaders have developed increased awareness of mental health issues and SUD in the workplace, and they now understand that it is essential for people facing these challenges to have access to high quality confidential tools. that can help them on their behavior change journey, ”said Michael Held, CEO and Founder of LifeSpeak. “As a global leader in mental health and wellness, we pride ourselves on providing preventative mental health resource support that educates while reducing barriers to access for those who need it most. . ALAViDA shares this mission and its highly experienced team has reshaped the treatment of substance use disorders. by providing confidential CBT resources and reducing stigma, for better health outcomes. leading solution to the millions of people around the world who use the LifeSpeak Platform. “
ALAViDA is a comprehensive SaaS-based alcohol and drug use treatment solution designed for employers that brings together the key components missing in the traditional rehabilitation model. The ALAViDA technology platform provides on-demand substance use assistance through the privacy of an individual’s smartphone and self-guided resources available anytime, anywhere. Individuals can easily access certified SUD physicians, drug-assisted therapy, assessments, personalized treatment plans, care coordination and reports. This early intervention approach keeps employees at work; 95% of employees engaged with ALAViDA continue to work while on treatment, and 86% of members reduce substance abuse and use. As the first SaaS based SUD product on the market. ALAViDA’s growth has accelerated in recent years due to the increasing recognition and prevalence of SUD and its strong focus on client business opportunities.
The acquisition of ALAViDA is a key investment that aligns with LifeSpeak’s vision accelerate its growth through acquisitions and follows recent announcement to acquire the online wellness company, LIFT Digital Inc. (“LIFT”). LifeSpeak acquired ALAViDA for total consideration of $ 12 million, including a cash payment of $ 7 million and the potential for a earn-out of up to $ 5 million, payable once performance milestones are met. predetermined financial statements achieved in 2022. In addition to using the net proceeds of its $ 125 million initial public offering To increase its portfolio, LifeSpeak has committed additional resources for 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 enable opportunities for global expansion while serving employers and their employees directly and through integrated partnerships with health plans, employee associations, third-party administrators and insurance companies.
“LifeSpeak is at the forefront of mental health and wellness 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 sooner. We are thrilled to partner with LifeSpeak to remove barriers to care, ”said Elliot Stone, co-founder and CEO of ALAViDA. “ALAViDA has reshaped the addiction management industry by providing collaborative, benchmark, evidence-based, technology-powered care. The solution can be easily integrated into group plans and employee long-term disability insurance plans. Combining efforts with LifeSpeak gives us the global reach to positively impact millions of people around the world. Like ALAViDA, empowering people is in LifeSpeak’s DNA, which confirms my belief that this is the right step for the company, our employees and, most importantly, our members and customers. “
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 all levels of substance use disorders – alcohol and drugs – mild, moderate and severe. ALAViDA connects patients with behavior coaches, therapists and physicians who work as a team to provide personalized care directly on their smartphones. ALAViDA is a benefit for employees with varied plans and personalized therapy programs, which has been shown to reduce time away from the workplace. Traditional rehabilitation often costs $ 30,000 or more per month. ALAVIDA’s program is only a fraction. Over 79 percent of signatories reported increased control and 86 percent reduced substance use. To find out more visit www.alavida.co
About LifeSpeak Inc.
LifeSpeak is a leading provider of software as a service mental health and total wellness education platform for organizations committed to caring for their employees and customers. With over 17 years of experience creating and curating thousands of expert-led micro-learning videos and other digital content, the depth and breadth of easily usable content in LifeSpeak’s exclusive library helps companies around the world to support their employees anytime, anywhere. LifeSpeak serves a diverse global customer base in many industries and industries, including Fortune 500 companies, government agencies, insurers, and other healthcare technology companies.
This press release may contain “forward-looking information” within the meaning of applicable securities laws. This forward-looking information may include, but is not limited to, information about our goals and strategies to achieve those goals, as well as information about our beliefs, plans, expectations, expectations, estimates and intentions, including our expectations. that the addition of ALAViDA to the LifeSpeak family of companies will enable us to enhance growth through significant cross-selling opportunities of ALAViDA’s industry-leading technology platform to LifeSpeak’s existing customer base and introducing LifeSpeak’s platform for mental health and wellness education to ALAVIDA clients.
In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology and phrases such as “forecast”, “target”, “objective”, “may”, ” could “,” will “,” could “,” expect “,” anticipate “,” estimate “,” intend “,” plan “,” indicate “,” seek “,” believe “, “Predict” or “likely”, or the negative of these terms, or other similar expressions intended to identify forward-looking information, including references to assumptions. In addition, any statement that refers to expectations, intentions, projections or other characterizations of future events or circumstances contains forward-looking information. Statements containing forward-looking information are not historical facts or guarantees or assurances of future performance, but rather represent management’s current beliefs, expectations, estimates and projections regarding possible future events, circumstances or performance.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions which, although considered reasonable by LifeSpeak as of the date of this press release, are subject to known risks, uncertainties, assumptions and other factors. and unknowns which could cause the actual results, the level of activity, the performance or the achievements to be materially different from those expressed or implied by this forward-looking information.
Important factors that could cause actual results to differ, possibly materially, from those indicated by forward-looking information include, without limitation, the risk factors identified under “Risk Factors” in the prospectus of the Company. Company dated June 28, 2021, and in other periodic filings that the Company has filed and may file in the future with securities commissions or similar regulatory bodies in Canada, all of which are available under the SEDAR profile of the Company at the address www.sedar.com. These factors are not intended to represent a complete list of factors that could affect LifeSpeak. However, these risk factors must be considered carefully. There can be no assurance that these estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking information, which speaks only as of the date of this press release. LifeSpeak assumes no obligation to publicly update any forward-looking information, except as required by applicable securities laws.
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Chief Financial Officer and Secretary
Adam Peeler, on behalf of: