San Mateo, California-based autism therapy provider Opya Care has acquired Center for Autism Spectrum Therapy, Inc. (CAST).
The move marks Opya Care’s entrance into center-based care. Previously, the company focused on in-home applied behavior analysis (ABA), speech therapy and occupational therapy for children aged 18 months to six. The deal also expands Opya Care’s presence in Southern California.
Culver City, California-based Center for Autism Spectrum Therapy offers in-center, home-based and school-based services that include ABA; speech, physical and occupational therapy; and counseling.
The terms of the deal were not announced. Opya has not responded to a request for comment.
Opya Care also offers speech and occupational therapy via telehealth. The company’s in-home services are available in several California counties: Alameda, Contra Costa, El Dorado, Los Angeles, Orange, Placer, Sacramento, Santa Clara, San Joaquin, San Mateo, Stanislaus, Solano and Yolo.
It is backed by several venture capital firms. In 2021, it raised a $15.4 million Series A round. Panoramic Ventures, SoftBank Opportunity Fund, Disability Opportunity Fund and Raven One Ventures joined the round as new investors. Existing investors, Divergent Investments and Altitude Ventures, also participated in the round.
The company also announced that Dr. Clive Fields, co-founder and chief medical officer of VillageMD, has joined the company’s board of directors.
Dealmaking across the behavioral health industry is down in 2024, continuing the valley of deal activity following its historic peak in 2021. Smaller deals are getting done. Floreo, an autism tech provider, acquired assets from and received investment from Cleveland Clinic. The private equity firm Fletch Equity acquired Autism Spectrum Interventions.
However, more providers are opting for de novo growth. For example, ABS Kids nearly doubled its center footprint in 2023.
While economic dynamics may improve and make deals easier to finish, the autism therapy sector is under the eye of an increasingly aggressive Biden administration regarding private investment in health care. Earlier in the year, a handful of agencies announced they were investigating the intersection of health care and private equity, namechecking autism therapy in the process.
