Burlingame, California-based Lyra Health’s business will span major portions of the planet following its acquisition of ICAS World — a move fueled by its recently closed $235 million Series F round.
The deal is meant to deepen Lyra Health’s position as an international player in the business of selling corporations mental health benefits for their employees. Once the companies merge, Lyra Health will serve over 10 million employees and their dependents.
“Leading companies understand the immediate, critical need to provide effective mental health care for their employees and their families,” David Ebersman, Lyra Health CEO and co-founder, said in a news release. “Meeting the diverse needs of people around the world requires approaches that are evidence-based and culturally responsive.”
Incorporated as ICAS International Holdings Ltd., the London-based global employee assistance program company provides localized services in more than 155 countries and 66 languages. ICAS Global also supports more than 1,500 companies and 6.3 million members and their families, according to the release.
“We founded Lyra to redefine access to high-quality mental health care for millions of people,” Ebersman continued. “Adding ICAS and its localized services in 155 countries is a transformational step as we strive to become the global leader in mental health care and the gold standard for providing fast access to the highest quality care.”
Lyra Health presently serves about 4 million employees and dependents internationally. Genentech, Uber and VCA Animal Hospitals are some of its major clients.
Behavioral Health Business reported in June that Lyra Health was expanding internationally with a partnership with ICAS. In October, BHB reported that Lyra Health saved companies about $2,300 per participant in health care claims.
The ICAS Global deal and $235 million Series F round were announced Wednesday.
San Francisco-based Dragoneer Investment Group led the round. It was joined by fellow San Francisco investment firm Salesforce Ventures and New York City-based Coatue Management.
“Mental health issues are much more pervasive than is commonly known, and Lyra is thoughtfully redefining access to care by providing broad-based solutions through employers,” Marc Stad, founder and managing partner at Dragoneer, said in the release. “With this additional capital, Lyra will have the opportunity to further distinguish itself as the leader in mental health domestically and expand internationally to address a global need.”
Lyra Health also announced that Robynne Sisco, the co-president and chief financial officer at Workday, will join the company’s board of directors.
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