CloudMD Expands Virtual Mental Health Services Through Acquisition of Aspiria Corp., a Healthcare Provider Focused on Delivering Employee (EAP) and Student (SAP) Assistance Programs
Supports CloudMD’s objective of strengthening its virtual care solutions with proven mental health and work life tools that address the unique needs of students, employees, and family
- Network of over 750 organizations and 1 million students, employees and family members already using Aspiria services.
- Targets important education sector through Student Assistance Programs, providing support to elementary, post-secondary, and international students.
- Student mental health support in high demand with 26.3% of Canadian post-secondary students reported having been diagnosed or treated by a professional for one or more mental health conditions within a 12 month period (with anxiety and depression being the most frequent). (1)
- Increases clinical network to approximately 7,500 therapists in North America.
- Cash flow positive with $3.4 million revenue run rate in 2020 and expected EBITDA margins greater than 20%.
VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of healthcare to its members, is pleased to announce that it has signed a binding term sheet (“Term Sheet”) to acquire 100% of Aspiria Corp., (“Aspiria”), an integrated, Employee (EAP) and Student Assistance Services (SAP) company, which focuses on a comprehensive suite of mental health and wellness solutions for all employer and educational sectors. Aspiria currently serves over 750 organizations, with 1 million employees, students, and their families, in Canada and internationally.
Aspiria provides a technology-driven mental health support solution that gives access to clinical services for mental and situational life issues impacting wellbeing. CloudMD will leverage Aspiria’s technology and digital care solutions combined with the traditional in-person counselling to meet the unique needs of students and employees across North America. Aspiria offers its members flexibility of access to connect via telephone, email and on-demand digital platforms that provides online mental health resources, Internet-based cognitive behavioural therapy (iCBT), cancer support, and a network of professional therapists. Currently, the program is used by employers, individuals, insurers and the student education market, effectively blending intervention with technology and the human touch, supporting a variety of mental health issues. This is accomplished through a suite of digital tools combined with a traditional short-term counselling model designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes.