Mental Health and Total Wellbeing Education
Leader Continues to Diversify and Deepen Capabilities with
Acquisition of Boston-Based Provider of On-Demand Caregiver
Support
LifeSpeak Inc. (“LifeSpeak” or the “Company”) (TSX:LSPK), the
mental health and total wellbeing platform for employee and
customer-focused organizations, announced today that it has entered
into a definitive agreement with, and completed the acquisition of,
privately-held EnCompass Education Solutions, Inc. (“Torchlight”),
the leading digital-first caregiver support platform for employers,
health plans and other member organizations.
LifeSpeak’s acquisition of Torchlight enhances its SaaS-based
digital education offerings by connecting its global client base
with real-time access to the strategies and solutions modern
caregivers need most. Caregivers are the individuals responsible
for the safety, health, and care of a parent, child or loved one.
The acquisition continues to expand LifeSpeak’s global footprint
and fosters substantial growth potential through cross-sell
opportunities that introduce LifeSpeak’s industry-leading mental
health and wellbeing education content to Torchlight’s expansive
client base, and vice versa.
There are 53 million adults that identify as caregivers in the
United States alone, and research from AARP and the National
Alliance for Caregiving has shown that 73 percent of U.S. employees
are caring for a child, parent or friend. A recent study from
Harvard Business School revealed that more than 80 percent of
caregivers report the logistical, financial, and emotional
pressures of their dual roles interfered with their ability to do
their best work.
“Bringing your best self to work is challenging, and LifeSpeak
has long understood the struggle caregivers face managing work and
life. We started out 17 years ago hosting small parenting workshops
in grocery stores and evolved into providing a SaaS platform with
expert-led education across a diverse range of mental health and
wellness topics that are used by leading organizations around the
world,” said Michael Held, CEO and founder of LifeSpeak.
“Torchlight shares our commitment to helping people become more
resilient through preventative and educational digital resources
accessible on any device at any time. Many of the top companies in
the United States use its solution to educate and empower their
employees to quickly and efficiently resolve modern caregiving
challenges. We look forward to connecting the millions of LifeSpeak
end users across the globe with these valuable resources and
expanding our presence in the United States by delivering
high-value mental health and wellbeing support services to
Torchlight customers.”
The consideration for the Torchlight acquisition paid on
completion consisted of US$17.25 million in cash and 160,237
LifeSpeak shares issued at the initial public offering price of
C$10 per share. Subject to the achievement of predetermined
milestones, an additional 769,140 LifeSpeak shares at C$10 per
share may be payable as part of the total consideration for the
acquisition.
Torchlight covers over 2 million employee families and is
trusted by some of the largest brands in the U.S. across a wide
range of industries.
Torchlight is the leading digital-first caregiver support
platform for employers, health plans, and other member
organizations. From individual education plans to dementia care,
Torchlight offers step-by-step guidance on an array of caregiving
topics to solve complex family challenges. Its expert content,
caregiving knowledge base, one-on-one advising, and concierge
services coalesce to reduce caregiver stress and improve outcomes
regardless of age, stage, or concern. Torchlight’s proprietary,
data-driven platform also generates strategic workforce insights
for human resource leaders and C-suite executives to identify
employee needs and enhance performance outcomes. Employee
caregivers that use the solution report a sharp reduction in stress
and improved productivity by being more present at work.
"LifeSpeak is a global leader in mental health and wellbeing
education. It exemplifies the value of delivering personalized
resources and on-demand expert-led content to employees and their
families. Like Torchlight, LifeSpeak believes that empowering
people is the right thing to do and that it's also good for
business," said Adam Goldberg, CEO and founder of Torchlight. "Our
team has built a cutting-edge platform that is trusted by some of
the most respected brands in the United States, and I could not be
prouder of the positive impact this has made on caregivers. We’re
excited to join LifeSpeak and deliver that quality service to
millions of people around the world while also providing expanded
health and wellness support to our clients and their families.”
LifeSpeak’s acquisition of Torchlight is its largest to date and
follows its recent acquisitions of online wellness company, LIFT
Digital Inc., and cognitive behavioral therapy platform, ALAViDA
Health Ltd. With these purchases, LifeSpeak continues to execute on
its vision to broaden its services and accelerate growth through
acquisitions utilizing net proceeds from its $125 million initial
public offering. LifeSpeak’s acquisitions have bolstered its
portfolio with organizations that are closely aligned to address
key elements of employee wellbeing, while expediting its global
expansion strategy.
Canaccord Genuity acted as financial advisor to LifeSpeak on the
transaction, and Bailey Southwell acted as financial advisor to
Torchlight.
About Torchlight
Torchlight, a LifeSpeak company, is the only digital-first,
caregiver support platform for employers, health plans, and other
member organizations. Torchlight empowers organizations with the
tools and one-to-one expertise to help more than 53 million
caregivers across the U.S. Unlike traditional call centers and
coaching models, Torchlight eliminates the ‘middleman’ by providing
caregivers with direct access to top specialists and expertise in a
scalable, cost-effective way. In addition to its commitment to
family caregivers, Torchlight’s data-driven approach provides
workforce insights to human resource leaders and C-level executives
that uncover employee needs and enhance performance outcomes. No
matter the age, diagnoses, or obstacles ahead, Torchlight helps
resolve the everyday, modern challenges of caregiving before they
turn into a crisis. For more information, visit
www.torchlight.care.
About LifeSpeak Inc.
LifeSpeak is a leading software-as-a-service platform provider
of mental health and total wellbeing education for organizations
committed to taking care of their employees and customers. With 17+
years of experience creating and curating thousands of expert-led
micro-learning videos and other digital content, LifeSpeak’s
proprietary library’s depth and breadth of easily consumable
content helps companies around the world support their people
anytime and anywhere. LifeSpeak serves a diverse global client base
across many industries and sectors, including Fortune 500
companies, government agencies, insurance providers, and other
health technology firms. LifeSpeak is the parent company of Lift
Digital Inc. (“LIFT” or “LIFT session”), ALAViDA Health Ltd.
(“ALAViDA”), and Torchlight. To learn more, follow LifeSpeak on
LinkedIn (http://www.linkedin.com/company/lifespeak-inc), or visit
www.LifeSpeak.com.
Forward-Looking Information
This press release may include “forward-looking information”
within the meaning of applicable securities laws. Such
forward-looking information may include but is not limited to
information with respect to our objectives and the strategies to
achieve these objectives, as well as information with respect to
our beliefs, plans, expectations, anticipations, estimates, and
intentions, including our expectation that adding Torchlight to the
LifeSpeak family of companies will allow us to enhance growth
through cross-sell opportunities of Torchlight’s industry-leading
technology platform to LifeSpeak’s existing customer base and by
introducing LifeSpeak’s platform for mental health and wellbeing
education to Torchlight’s clients.
In some cases, but not necessarily in all cases, forward-looking
information can be identified by the use of forward-looking
terminology and phrases such as "forecast", "target", "goal",
"may", "might", "will", "could", "expect", "anticipate",
"estimate", "intend", "plan", "indicate", "seek", "believe",
"predict", or "likely", or the negative of these terms, or other
similar expressions intended to identify forward-looking
information, including references to assumptions. In addition, any
statements that refer to expectations, intentions, projections, or
other characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking
information are not historical facts nor guarantees or assurances
of future performance but instead represent management's current
beliefs, expectations, estimates, and projections regarding
possible future events, circumstances, or performance.
Forward-looking information is necessarily based on a number of
opinions, estimates, and assumptions that, while considered
reasonable by LifeSpeak as of the date of this release, is subject
to known and unknown risks, uncertainties, assumptions, and other
factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information.
Important factors that could cause actual results to differ,
possibly materially, from those indicated by the forward looking
information include, but are not limited to, the risk factors
identified under “Risk Factors” in the Company’s prospectus dated
June 28, 2021, and in other periodic filings that the Company has
made and may make in the future with the securities commissions or
similar regulatory authorities in Canada, all of which are
available under the Company’s SEDAR profile at www.sedar.com. These
factors are not intended to represent a complete list of the
factors that could affect LifeSpeak. However, such risk factors
should be considered carefully. There can be no assurance that such
estimates and assumptions will prove to be correct. You should not
place undue reliance on forward-looking information, which speaks
only as of the date of this release. LifeSpeak undertakes no
obligation to publicly update any forward-looking information,
except as required by applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211213005994/en/
For investor inquiries: Michael McKenna
mikemckenna@lifespeak.com Chief Financial Officer & Secretary
LifeSpeak Inc.
Or:
Adam Peeler, on behalf of: LifeSpeak Inc. 416.427.1235
adam.peeler@loderockadvisors.com
LifeSpeak (TSX:LSPK)
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