LifeSpeak just got a Lift. The mental health and total well-being startup has acquired Lift Digital Inc.
Lift is an online wellness company that works to increase overall health through digital wellness and fitness solutions.
The acquisition is part of LifeSpeak’s post-IPO plans. When the startup went public in July, raising $125 million, LifeSpeak said it would use the proceeds from its IPO to add more services to its platform, bolster its ability to pursue new enterprise clients, make strategic acquisitions, and repay $10 million in outstanding debt.
“The Lift solution coupled with our mental health and wellbeing platform allows our customers to create healthy environments for their employees.”
– Michael Held, LifeSpeak
LifeSpeak acquired Lift for approximately $15 million, consisting of $9.5 million in cash, and some 550,000 common shares issued at an IPO price of $10 per share.
Founded in 2004, LifeSpeak provides digital mental health and well-being education software to mid and enterprise-sized organizations.
Since its founding in 2015, Lift has provided accessible wellness services via on-demand, automated and live sessions in areas including general fitness, mindfulness, cardio, strength, yoga, prenatal, Pilates, and more.
The Lift platform guides users with personalized recommendations, access to experts, community-based challenges, and social engagement with like-minded members. Lift’s client base includes many leading blue-chip organizations, including insurance and healthcare providers, fitness institutions, and educational institutions.
“Adding Lift to the LifeSpeak family of companies allows us to meet the growing demand for physical well-being solutions from companies that understand the link between physical and mental health,” said Michael Held, founder and CEO of LifeSpeak.
“In this age of remote workforces and isolated employees, the Lift solution coupled with our mental health and wellbeing platform allows our customers to create healthy environments for their employees with engaging, habit-forming, and effective wellness services,” Held added.
In August, LifeSpeak posted second-quarter 2021 revenues of $5.6 million CAD, an increase of 132 percent compared to the same period in 2020.
Following the end of the second quarter, LifeSpeak signed enterprise agreements with the Lego Group (USA), Celestica International (Canada), and Majorel Group (Europe), among others. The company also signed with T-Cup Studios (Europe).