LifeSpeak acquires WellBeat for $92 million

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LifeSpeak, a mental health and total wellbeing platform working with employers, health plans and insurance companies, announcement Monday (February 14) he signed on to buy Wellbeats for $92.5 million.

Wellbeats is a Minnesota-based company that provides software-as-a-service (SaaS)-based fitness services.

The acquisition is expected to jump-start LifeSpeak’s ability to meet organizations’ growing demand for a complete, single-vendor solution to support mental and physical health.

“Both Wellbeats and LifeSpeak are category leaders with impressive global partners and customers, and this partnership will significantly accelerate our combined growth” Jason Von Bank, CEO of Wellbeats, said in the announcement. “We are thrilled to be part of the LifeSpeak family and look forward to continuing to fulfill our mission for our customers, their employees and our shareholders.”

Meanwhile, the CEO of LifeSpeak Michael held said the acquisition “significantly expands and diversifies the behavioral health and physical wellness SaaS solutions that LifeSpeak can offer its customers and partners.”

“Many organizations have expressed a strong desire to streamline their wellness support to fewer proven brands by focusing on longer-term preventative solutions,” Held said in the release. “This makes the addition of Wellbeats very complementary to LifeSpeak’s growing range of digital health offerings and allows us to further expand our offering to new enterprise and integrated solution customers.”

According to the release, there is a need for effective corporate wellness solutions as employers increasingly expect them to provide more support to employees. Corporate wellness is expected to reach a $58.4 billion market by 2025.

Earlier this month, PYMNTS reported that more demographics have seen their medical costs rise, prompting them to delay needed treatment.

Read more: New Financing Options Help Patients and Practices Manage Rising Healthcare Costs

According to the report, doctors are now seeing more patients as in-person medical visits resume. However, there is still the issue of affordability, with specialist loan products working to bridge the gap between what insurance pays and uncovered copays, deductibles and treatment balances.

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