M&A advisory for digital mental health companies
Digital mental health M&A is in active consolidation. Larger virtual care platforms have absorbed condition-specific operators, employer benefits aggregators have bought into mental health to round out their offering, payer-aligned behavioural health groups have acquired for in-network capacity, and PE-backed behavioural health platforms have consolidated therapist and prescriber networks. Buyers price on contracted PMPM and per-session revenue, therapist utilisation, clinical model integrity and retention by clinician cohort - DTC subscriber counts no longer command the premium they did three years ago.
The active buyer set is led by the payers and their behavioural health arms - UnitedHealth/Optum, CVS Health, Cigna/Evernorth and Humana - acquiring for in-network therapy and psychiatry capacity, the employer benefits aggregators rounding out mental health alongside other point solutions, the larger virtual care platforms absorbing condition-specific operators, and the PE-backed behavioural health consolidators rolling up therapist and prescriber networks. Flow has direct access into this buyer set.
Flow team has relevant sector experience and has worked with digital mental health companies across DTC therapy and coaching platforms, employer and EAP mental health programmes, payer-contracted therapy and psychiatry networks and condition-specific operators in anxiety, depression, substance use and child and adolescent care.
"Digital mental health" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing digital mental health M&A targets
Active members
Sessions per month
Active therapists
Therapist utilisation
Employer contracts
Payer contracts
Member retention
Net revenue per session
Days in AR
Contribution margin
Digital mental health valuations in May 2026
Public digital mental health comps trade at 1.0x EV/Revenue. Median revenue multiple across digital mental health M&A deals was 2.3x in the last 12 months.
1.0x
Median EV/Revenue as of May 2026 for public digital mental health companies
0.4x
Humana Inc. is the highest valued public digital mental health company based on EV/Revenue (excluding outliers)
2.3x
Median EV/Revenue across digital mental health M&A deals in the last 12 months
11x
Median EV/Revenue across digital mental health VC rounds in the last 12 months
Key recent digital mental health M&A deals
$1.3B acquisition of Mandala by Lattice was the largest digital mental health M&A transaction completed in the last year.
See all digital mental health M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Mar-26 | Mandala |  | Mandala is a belonging and well-being platform helping BIPOC individuals build resilience via self-compassion and social connection. | Lattice | $1.3B | - | |
Mar-26 | Talkspace | | Talkspace Inc is a behavioral healthcare company offering access to licensed therapists, psychologists, and psychiatrists through its technology platform. It serves clients including health plans, enterprises, and individual subscribers. Therapists address various mental health conditions, while psychiatrists cater to a higher acuity demographic. Revenue stems from payor and direct-to-enterprise clients, with contracts lasting one to three years. The majority of the Company’s operations and revenues are based in the United States. | Universal Health Services | $835M | 3.6x | |
Apr-26 | South Community | | South Community is a non-profit organization offering mental health services. | Primary Health Solutions | $107M | 1.0x | |
Mar-26 | Inflow |  | Inflow is a New York-based digital therapeutics company offering a science-backed app for ADHD management. The program combines cognitive behavioral therapy modules, skill-building exercises, and community support tailored to adults and teens. Clinically validated in studies published in JAMA Psychiatry, it serves over 100,000 users worldwide. Launched in 2021 from Rockefeller Neuroscience Institute research, Inflow partners with health insurers for reimbursement. | Cerebral | $49M | - | |
Aug-25 | Ieso Digital Health | | Ieso Digital Health is a Cambridge, United Kingdom-based provider of internet-delivered cognitive behavioral therapy for anxiety and depression, treating NHS patients through text-based sessions with licensed therapists. The platform serves over 50,000 users since 2014 with outcomes published in The Lancet, expanding to U.S. partnerships. | Mindler | $27M | - | |
May-25 | Niyama Healthcare |  | Niyama Healthcare is a digital platform delivering mental health services that blend allopathic psychiatry, psychotherapy, Ayurveda, and medical yoga. Based in India, it connects users with licensed practitioners via teleconsultations and personalized treatment plans addressing anxiety, depression, and stress. The service operates through a mobile app with progress tracking and integrates herbal remedies approved by Ayurvedic councils. | QuantumNexis | $5.7M | - | |
Oct-25 | Breathwrk | | Breathwrk is a Los Angeles-headquartered mobile app delivering guided breathing exercises via audio sessions for anxiety reduction, sleep improvement, energy boosts, mood enhancement, and athletic recovery. It features routines developed with pulmonologists and athletes, tracking sessions through Apple Health integration. | Peloton | $2.2M | - | |
May-26 | Common Ties Mental Health Services | | Common Ties Mental Health Services is a provider of case management, counseling, and support services for individuals with mental illness and co-occurring substance use disorders. The organization helps clients manage symptoms, access resources, and build daily-living skills while arranging education, employment, and psychiatric care to meet personal goals. | Sweetser School | - | - | |
Apr-26 | KidsPeace | | KidsPeace runs a charity that provides mental health and behavioral services to children and families. | Inperium | - | - | |
Apr-26 | Team Recovery Technologies | | Team Recovery Technologies delivers mobile app solutions and strategic coaching to behavioral health programs. | Kipu Health | - | - | |
Apr-26 | Haven Health Management | | Haven Health Management is a provider of mental health and recovery treatment programs targeting at-risk populations in residential and outpatient formats. | MKH Capital Partners | - | - | |
Mar-26 | Desconect@ |  | Desconect@ is a therapeutic program that supports adolescents dealing with addictions to new technologies, behavioral disorders, and eating disorders. Participants gain improvements in emotional, academic, family, and social well-being. The approach delivers specialized training and assistance to both young individuals and their families. | Creas | - | - | |
Mar-26 | Lysn |  | Lysn is a telehealth platform offering video conferences, phone counseling, coaching, educational videos, podcasts, tools, fact sheets, Q&A forums, webinars, and live feeds. | Spectrum Life | - | - | |
Mar-26 | Valion Health | | Valion Health provides mental health recovery support through individualized, coordinated multidisciplinary rehabilitation services, targeting regional and remote areas in Australia. | Spectrum Life | - | - | |
Feb-26 |  | Tenor Therapy | | Tenor Therapy is a HIPAA-compliant AI platform generating clinical therapy notes and streamlining administrative paperwork for mental health professionals. | Grow Therapy | - | - |
Most active buyers of digital mental health companies
PAX Health, ARC Health and Spectrum Life are the most active acquirers of digital mental health companies in the last three years.
See all digital mental health acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
PAX Health | | PAX Health is a nationwide mental health provider offering psychiatry and psychology services through telehealth and in-person clinics. The network includes board-certified psychiatrists prescribing medications and therapists delivering cognitive behavioral therapy for conditions like depression, anxiety, and PTSD. Headquartered in Atlanta, PAX Health accepts major insurances and operates in multiple states with evening appointments. | Neuropsychology and Counseling AssociatesHarris Psychiatry ServicesBehavioral Medicine Associates+2 | 5 | |
ARC Health | | ARC Health is a consortium of mental health service providers operating in the United States. The group delivers outpatient therapy, psychiatric care, and crisis intervention through partnered clinics and telehealth platforms. ARC Health focuses on accessible treatment for conditions including depression, anxiety, and substance use disorders. Headquartered in Nashville, Tennessee, it emphasizes integrated care models combining counseling and medication management. | Clarity Counseling CenterMindsoother Therapy CenterAdvanced Psychiatric Group+2 | 5 | |
Spectrum Life |  | Spectrum Life is a digital health company delivering 24/7 mental health support via app-based coaching and therapy. Dublin-headquartered since 2018, it equips employers with workplace wellbeing programs featuring personalized care plans and crisis intervention. The platform integrates with corporate HR systems to enhance employee resilience across Europe and North America. | LysnValion HealthDr Jay+1 | 3 | |
Goldman Sachs Asset Management | | Goldman Sachs Asset Management, established in 1991 and headquartered in New York, offers institutional and individual investors strategies across fixed income, equities, alternatives, and multi-asset classes spanning global markets. | LearnWellCenter for Social DynamicsQScale+1 | 3 | |
MentalHealth.com | | MentalHealth.com is a health technology platform offering resources, teletherapy services, and communities for wellbeing in the United States. The site provides educational content on disorders, self-help tools, and provider matching. | Therapy.aiPsychGuides.comMentalHelp.net | 3 | |
AllOne Health | | AllOne Health is a provider of integrated occupational health, wellness, and population health services for employers in highly regulated sectors such as transportation, nuclear power, and maritime industries. Headquartered in Wilkes-Barre, Pennsylvania, the company delivers medical surveillance exams, drug testing, and employee assistance programs to over 1,000 clients nationwide. AllOne Health combines clinic-based services with digital wellness platforms to improve employee health outcomes and reduce workplace injury rates. Its subsidiary, HealthSync, focuses on chronic disease management through personalized coaching. Founded in 2013, AllOne Health serves major clients including railroads and utilities, processing millions of health exams annually across 50 states. | Carebridge EAPERC Counselors & ConsultantsComprehensive EAP | 2 | |
Cerebral | | Cerebral is a US-based telemedicine provider offering mental health care for anxiety, depression, and ADHD. Headquartered in San Francisco, it connects patients with licensed therapists and prescribers via app for medication management and therapy sessions. The platform serves all 50 states with insurance billing for Aetna and Cigna. Cerebral uses evidence-based protocols like CBT and follows APA guidelines. Launched in 2020, it expanded to couples counseling. | InflowResilience Lab | 2 | |
XRHealth | | XRHealth is a Tel Aviv and Boston-based provider of extended reality therapeutic platforms for physical rehabilitation, mental health, and neurology. FDA-cleared since 2016, its VR/AR clinic-in-a-headset solutions treat conditions like stroke recovery, phantom limb pain, and anxiety via biofeedback-integrated games. XRHealth serves 100+ U.S. clinics and insurers including Blue Cross Blue Shield with remote monitoring dashboards. | InnerworldRealizedCareNeuroReality | 2 | |
Alongside | | Alongside is a provider of Applied Behavior Analysis and Intensive Behavior Intervention services delivered in homes, communities, schools, and clinics. It supports individuals with autism and developmental disabilities through tailored therapy programs. Headquartered in California, the company employs board-certified behavior analysts to deliver evidence-based interventions nationwide. | San Diego Applied Behavior AnalysisQuality Behavior Solutions | 2 | |
NeuroFlow | | NeuroFlow is a Philadelphia-headquartered digital health platform that enables remote mental health monitoring for healthcare providers. It integrates patient-reported outcomes, risk stratification, and care coordination tools across primary care, behavioral health, and pain clinics. Partnerships with systems like Jefferson Health support behavioral health integration nationwide. | Quartet HealthOwl InsightsIntermountain Healthcare | 2 |
Founders and investors we've worked with
We've supported winning builders across digital mental health and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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