AbleTo, a provider of tech-enabled behavioral health solutions, has acquired a San Francisco company called Joyable, which offers app-based digital therapy.
Financial details of the deal were not disclosed in a news release, but an AbleTo spokesperson told CNBC the deal was “eight figures.”
Headquartered in New York City, AbleTo teams up with employers and health plans to provide their employees or members access to personalized treatment. Throughout the course of the company’s program, individuals have telephone or secure video sessions with therapists and coaches. AbleTo’s network of more than 600 certified professionals seek to help users reduce depression and anxiety.
Joyable works with employers to offer their employees behavioral health treatment. Users take an intro quiz to get their emotional profile. They are then paired with a trained coach, who’s available by email, text or phone to help them make the changes they want to. Individuals also complete five-minute activities to learn skills to overcome generalized anxiety, social anxiety or depression.
Through the acquisition, AbleTo hopes to bolster its virtual behavioral care offerings.
“Joyable’s clinically-focused, digital treatment program is the perfect complement for AbleTo’s evidence-based virtual care,” AbleTo CEO Trip Hofer said in a statement. “Combining our strong programs and talented teams to create a more integrated approach to delivering behavioral healthcare will further expand access, drive a better experience for patients and create more value for our clients.”
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As part of the deal, Joyable co-founder and CEO Peter Shalek will join AbleTo as chief product officer, a role that allows him to lead product strategy and development across the combined companies.
“Joyable was founded on the idea that everyone should be able to access high-quality behavioral healthcare,” Shalek said in a statement. “Joining AbleTo will allow us to expand our mission with a team that shares the same goal.”
News of the acquisition comes as more companies are branching into the mental health space.
Chronic care management company Omada Health, for instance, has launched new programs for depression and anxiety using technology from Lantern, a startup that shut down operations last summer. The San Francisco startup’s app allowed users to complete a self-evaluation assessment. It then provided daily exercises, which helped people pinpoint and restructure negative thoughts. Omada entered a perpetual licensing agreement for Lantern’s software, curriculum and content, and also intends to bring on some former Lantern employees.
An Omada competitor, Livongo, made its own move into behavioral health. Earlier this year, the company acquired myStrength, a Denver-based organization offering mobile and web resources and therapies for conditions like anxiety, depression, stress, insomnia and substance use.
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