Continuing its acquisition-focused growth strategy, Telus has completed its acquisition of Toronto-based LifeWorks for $2.3 billion CAD.
The LifeWorks deal was initially announced in June, following Telus’ recent purchase of healthtech startup Sprout Wellness Solutions. Telus’ other acquisitions, made through its health division, include EQ Care, Akira Health, Nightingale, and ZRX Prescriber.
With the addition of LifeWorks, Telus Health says it is now positioned to support corporate clients across more than 160 countries.
LifeWorks (formerly Morneau Shepell) provides tech-enabled solutions to support the mental, physical, social, and financial wellbeing of employees. Its services include employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement consulting, as well as actuarial and investment services.
LifeWorks employs about 7,000 people and has garnered around 25,000 clients in over 55 industries such as technology, medical and pharmaceuticals, banking and finance, as well as hospitality and consulting.
Under its former name, Morneau Shepell—an employee assistance program (EAP) provider that was founded in 1966—the firm was once run by Bill Morneau, who later became Canada’s finance minister from 2015 to 2020.
In 2018, Morneau Shepell acquired an employee wellbeing tech company named LifeWorks, then later adopted the LifeWorks company name last year. The LifeWorks that Morneau Shepell purchased was founded in 2016 as a result of a joint venture between Work Angel Technology Limited and Ceridian HCM Holding Inc.
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Morneau Shepell completed a series of other acquisitions before it changed its name to LifeWorks, such as Ascender, SMG Health, MorningStarHealth, Pro Health Group, and the United States health and welfare benefits administration business of Ceridian. Morneau Shepell began trading on the Toronto Stock Exchange (TSX) in 2005.
Now called LifeWorks and operating under Telus, the common shares of the company will be delisted from the TSX, according to Telus.
Stephen Liptrap, president and CEO of LifeWorks, said that joining Telus Health will help LifeWorks advance its health and wellness offerings on a global scale.
“Combining out international client relationships with [Telus’] proven expertise in digital transformation and service excellence will unlock significant cross-selling opportunities and deliver value to all stakeholders,” Liptrap added.
Telus Health chief operating officer Michael Dingle will oversee the transition and lead the integration of LifeWorks into Telus Health’s portfolio.
Featured image from LifeWorks’ website.