Nimbus Synergies, investor, partner, and mentor to Canada’s leading health technology companies, is pleased to announce that ALAViDA Health Ltd. (“ALAViDA”), one of its earliest portfolio companies, was acquired by LifeSpeak Inc. (TSX: LSPK) in October 2021.
ALAViDA, a LifeSpeak company, is a leading virtual care provider focused on the science of substance use management. Its comprehensive software-as-a-service (SaaS) alcohol and drug use treatment solution is designed for employers and brings the key components lacking in the traditional rehab model together. ALAViDA’s technology platform delivers on-demand substance use support through the privacy of an individual’s smartphone and self-guided resources available anytime, anywhere. This approach to early intervention helps keep employees at work: 95% of employees engaged with ALAViDA continue to work while receiving treatment; and 86% of members reduce substance use and consumption. ALAViDA’s growth has accelerated in recent years due to the increasing recognition and prevalence of Substance Use Disorder (SUD) and its strong focus on enterprise client opportunities.
“Nimbus Synergies participated in ALAViDA’s pre-seed financing in 2017 and was honoured to be the lead investor for its first VC financing in 2018, given our strong alignment on the significant unmet need in effectively addressing mental health issues and SUD,” explained Jason Robertson, Vice President of Investments for Nimbus Synergies and former Board Chair of ALAViDA. “We feel privileged at Nimbus to have contributed to reshaping the substance use management industry by enabling gold-standard, evidence-based collaborative care through scalable technology and – now with LifeSpeak – the global reach to make a positive impact on millions of people around the world.”
LifeSpeak is a leading mental health and wellbeing platform that provides expert education and advice on issues that affect everyday lives. LifeSpeak’s acquisition of ALAViDA deepens its behavioral health capabilities and will further bolster its existing SaaS platform offerings to better serve its diverse global client base, including Fortune 500 companies, government agencies, insurance providers, and other health technology firms. LifeSpeak believes that the acquisition of ALAViDA will enhance growth through significant cross-sell opportunities of ALAViDA’s industry-leading technology platform to LifeSpeak’s existing customer base and by introducing LifeSpeak’s platform for mental health and wellbeing education to ALAViDA’s customer base.
Nimbus Synergies wishes ALAViDA and LifeSpeak much success in their journey as a global leader in mental health and total wellbeing education.
ABOUT NIMBUS SYNERGIES
Nimbus Synergies leads early-stage financings in innovative and complementary health technology companies in Canada. By bringing these companies together to share resources, industry specific knowledge, and relationships, Nimbus is accelerating their growth and increasing their likelihood of success. Nimbus is significantly impacting the digital health sector through its leadership as investor, partner, and mentor.
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