CloudMD Expands Virtual Mental Health Services Through Acquisition of Aspiria Corp., a Healthcare Provider Focused on Delivering Employee (EAP) and Student (SAP) Assistance Programs - Seite 2
Aspiria will become part of CloudMD’s Enterprise Health Solutions Division and is immediately synergistic with a number of healthcare solutions in the division. Aspiria will complement CloudMD’s other mental health solutions including Snapclarity and HumanaCare to promote effective and efficient clinical best practices in managing mild, moderate and chronic conditions. Aspiria has an already established target market of students, which creates an opportunity to provide other solutions to this important demographic. Aspiria will be vertically integrated to increase distribution channels and increase demographic coverage within the division. The addition of Aspiria increases CloudMD’s clinical network to approximately 7,500 therapists and mental health professionals in North America.
Aspiria's current annualized revenue run rate(2) is approximately $3.4 million. It is expected that Aspiria will generate an EBITDA (earnings before interest, taxes, depreciation and amortization) margin greater than 20% with non-speculative post acquisition synergies. CloudMD continues to expand its’ footprint into specialised segments, like Student Assistance Programs, and continues to scale its operations. Upon closing, the acquisition of Aspiria will be immediately accretive to CloudMD with synergies the company believes will drive further revenue and increased EBITDA margins throughout its Enterprise Health Service division.
Karen Adams, Global Head, Enterprise Health Solutions Division commented, “Corporate leaders are tasked with ensuring companies have appropriate services to support individuals during these unprecedented times of isolation, constant changes to balancing work and elder/child care, financial concerns, fear and anxiety. There is an increasing need to carefully choose mental health solutions to be assured that individuals have access to the treatment that will lead to recovery. This acquisition will enable employers to rely on CloudMD to assess mental health issues and depend on the healthcare team to ensure the appropriate treatment plan. This will optimize enterprise spend, increase member satisfaction while addressing inclusion and diversity for mental health. ”
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