Headspace and Ginger have accomplished a merger they first publicized in August, the digital psychological well being firms introduced Thursday.
Listed below are 5 issues to know concerning the newly mixed entity.
1. Headspace and Ginger, two privately held app-based digital psychological well being companies that work with employers and well being plans, have merged right into a single firm dubbed Headspace Well being. The corporate didn’t disclose the monetary particulars of the merger, however the mixed entity is valued at $3 billion, Headspace and Ginger said in August.
2. Each startups debuted in 2010. Headspace, which raised $215.9 million, is a meditation and mindfulness app supplier headquartered in Santa Monica, California. San Francisco-based Ginger, which raised $220.7 million, gives entry to on-demand psychological healthcare companies, together with behavioral well being teaching by way of textual content message and video visits with therapists and psychiatrists.
3. Headspace Well being will mix Headspace for Work and Ginger into one digital psychological well being service spanning from prevention to remedy that it’s going to market to employers. Headspace Well being at this time covers 100 million lives by way of contracts with greater than 2,700 employers and well being plans and by way of direct-to-consumer subscribers.
4. Employers and insurers are increasingly contracting with teletherapy apps that distributors declare can scale back stress and enhance worker retention. These choices are a part of rising the telehealth and cellular well being app subsectors inside digital well being, which raised $6.6 billion and $2.3 billion, respectively, within the first three quarters of 2021, based on information from Mercom Capital Group.
5. Russell Glass, previously CEO of Ginger, is Headspace Well being’s CEO. Former Headspace CEO CeCe Morken is president of the mixed firm and CEO of the Headspace division. Headspace Well being additionally named its board of administrators, which incorporates former Headspace and Ginger board members and two new members.
