Transactions and international expansion could be in the future for Talkspace. The subscription-based therapy provider previewed multiple potential growth levers for the company recently during an investor presentation.
Based in New York City, Talkspace remotely connects users to licensed therapists via text and video. The company provides services directly to consumers, as well as to people through its B2B clients. The ultimate goal is to make behavioral health care more accessible and affordable.
Earlier this month, Talkspace announced that it’s going public through a $1.4 billion merger with the special purpose acquisition company (SPAC) Hudson Executive Investment Corporation (HEIC).
The news follows a year of rapid growth for the company, which has thrived as the COVID-19 emergency has worsened the nation’s mental health and propelled telehealth into the mainstream. Since 2019, Talkspace’s direct-to-consumer user base has increased from 20,000 to 28,000, while its health plan-covered population has grown from 2 million to 39 million people.
After the company goes public, it will continue to expand those customer bases, while also growing via partnerships, international expansion and transactions, according to Talkspace’s Jan. 13 investor webcast.
The presentation highlighted Talkspace’s plans to add new direct-to-consumer (D2C) and B2B clients. Currently, the company partners with celebrities such as Michael Phelps and Demi Lovato to tout its D2C line to the public in various advertising campaigns.
On the B2B front, Talkspace works with a host of high profile companies to provide employee assistance programs, behavioral health services and direct-to-employer offerings. Some BHB clients include Google, Cigna and Humana.
In the future, the company has its sights set on partnering with additional regional and national health plans and continuing to penetrate college and university markets. Plus, it has ambitions to expand into sleep and wellness and integrate its platform with other providers, according to the presentation.
Meanwhile, Talkspace’s more lofty goals include pursuing global expansion and merger and acquisition opportunities.
In the near term, Talkspace’s international focus will be on breaking into English speaking countries. However, its M&A interests are less limited: Talkspace is “optimally positioned for M&A opportunities across the behavioral health landscape,” according to the presentation. Within that, the company’s listed areas of interest include chronic managed care; wellness and coaching platforms; virtual therapy and psychiatry adjacencies; and face-to-face therapy and psychiatry platforms.