Canada-based CloudMD Software & Services Inc. acquired MindBeacon and its internet cognitive behavioral therapy (iCBT) platform in a deal valued at $116 million. CloudMD’s Integrated Health Services Platform offers a single point of access to a full range of mental and physical health services, providing users with a seamless experience and clients with meaningful data and analytics. Its proprietary mental health platform offers assessment, navigation, coaching, and work life services. MindBeacon provides iCBT, virtual therapy, and assessment solutions.
CloudMD anticipates that the acquisition will accelerate CloudMD’s U.S. presence through expanded behavioral health capabilities, modalities, cross-selling synergies and MindBeacon’s recent acquisition of a U.S.-based mental health provider that provides both an employee assistance program (EAP) and a much broader range of behavioral health services to employer populations. MindBeacon’s former Chief Financial Officer, John Plunkett, joined CloudMD as executive vice president of transformation and strategic planning. MindBeacon’s former President and Chief Commercial Officer, Adam Kelly, joined CloudMD as chief commercial officer.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. MindBeacon provides a digital mental health care platform and a network of over 500 licensed therapists and advanced clinical psychologists. It offers a full continuum of care centered around providing consumers the freedom to choose how, when and where they engage with support. More than 50,000 consumers have been treated by MindBeacon’s therapist assisted iCBT.
The companies have already started to integrate MindBeacon’s health care solutions into CloudMD’s broad continuum of care. Essam Hamza, M.D., chief executive officer of CloudMD, said “By uniting CloudMD and MindBeacon’s platforms, we will create a leading, fully-integrated health offering that provides effective stepped care across the entire spectrum of physical and mental health care. The acquisition is expected to accelerate our U.S expansion strategy, a key focus for us in 2022, and improve organic growth by opening new distribution channels and through cross-selling to our 5,500 corporate clients. In addition, we have identified significant cost savings and are excited to integrate MindBeacon’s team and operations to realize further synergies between the businesses.” MindBeacon’s “Beacon in a Box” white label iCBT SaaS offering complements CloudMD’s Digital Health Solutions division and may be sold directly to its network of over 20,000 regulated health care professionals.
This was reported by CloudMD Software & Services Inc. on January 14, 2022.
Contact information: Julia Becker, Vice President, Investor Relations, CloudMD Software & Services Inc., Suite 810 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2; (604) 785-0850; Email: julia@cloudmd.ca; Website: https://investors.cloudmd.ca/contact-us/
