Wellbeats president and CEO Jason Von Bank will become chief operating officer of the Toronto-based digital health platform upon completion of the deal, which is expected to close in March. The Minnesota-based company will receive US$80 million in cash on closing, and the remaining US$12.5 million will be paid as an earnout pending the achievement of predetermined milestones. LifeSpeak’s shares fell 0.51 per cent at 4 p.m. ET. (The Logic)
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Wellbeats president and CEO Jason Von Bank will become chief operating officer of the Toronto-based digital health platform upon completion of the deal, which is expected to close in March. The Minnesota-based company will receive US$80 million in cash on closing, and the remaining US$12.5 million will be paid as an earnout pending the achievement of predetermined milestones. LifeSpeak’s shares fell 0.51 per cent at 4 p.m. ET. (The Logic)
Talking point: LifeSpeak said it will be able to tap into Wellbeats’ more than 400 global enterprise clients, doubling the company’s customer base to more than 800. It completed its $90-million initial public offering on the Toronto Stock Exchange last July, when it also raised $35 million in a secondary offering. At the time of its IPO, LifeSpeak maintained around 225 customers. The Wellbeats deal marks LifeSpeak’s fourth acquisition since it went public, according to PitchBook. Previously, it acquired the caregiving platform Torchlight, substance-use support company Alavida, and Lift Session, which offers virtual fitness services.
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