A virtual care company based in New York Teladoc Health has announced it has acquired the rise of its mental health platform in a deal worth $30 million.
The acquisition will enhance Teladoc’s game plan to enhance its leadership position in virtual mental health and enhance the consumer capabilities offered by the better segment of the company to acquire mental health services benefits.
Teladoc Health’s Integrated Care Component offers a variety of digital tools, including coaching, therapy, and psychiatric services for employers and health planning.
Uplift offers virtual mental health therapy, psychiatry, and medication management services.
Betterhelp is expected to leverage market-specific experiences and activation capabilities to enable consumers to access insurance coverage benefits through their relationship with Uplift.
On the other hand, therapists who provide more Betterhelp can consider including them in their benefits compensation network.
“This transaction is in line with our key priorities to advance our position in virtual mental health, including our ability to support consumers who want to use the benefits of virtual mental health services,” says Chuck Davita. Teladoc Health CEO said in a statement.
“We see a critical business synergy with the current better help segment, which will allow us to serve a larger population looking for virtual mental health care.”
Uplift CEO Kyle Talcott will continue his position, taking responsibility for managing the company’s provider network, quality and patient outcome monitoring, and accepting and managing insurance coverage.
Teladoc is expected to release first quarter 2025 revenue at the end of today’s market.
Bigger trends
In February, Teladoc signed a decisive agreement to acquire a virtual preventive care company Catapult Health is in all cash transactions worth $65 million. The deal included an additional $5 million contingent art-out consideration. Teladoc has agreed to pay additional cash or provide Catapult with stock profits if certain events occur after sale.
2023, uplifting Minded, a digital psychiatry platform focused on acquired women, has expanded its reach to five additional states, increasing its women-led products.
