– Wellin5 acquires Therachat, a HIPAA-compliant smart journaling tool that keeps clients engaged in-between therapy sessions for an undisclosed term.
– The acquisition supports Wellin5’s long-term strategy of expansion into the United States telehatlh market.
Wellin5, an innovative online telehealth counseling platform, today announced its acquisition of Therachat, a San Francisco, CA-based mental health platform designed to help therapists, psychologists, and mental health counselors in the US to keep their patients engaged in between therapy sessions. The acquisition is part of its long-term expansion strategy that began in September 2019 when it named Sacramento, California its US Headquarters.
Secure App To Improve Your Mental Health
Recent data from the National Alliance on Mental Illness (NAMI) found that one in five adults in the U.S. (43.8 million people) suffer from mental illness each year. With a widespread need for accessible mental health services, technology offers new options for people looking to cope with mild to severe symptoms.
Founded in 2016, Therachat is a HIPAA-compliant smart journaling tool available on iOS and Android devices that keeps clients engaged in-between therapy sessions. Therachat’s mobile app for therapy clients and users without a therapist is powered by AI technology that helps to cope with anxiety. Its web-based dashboard provides therapists with over 40 premade and customizable homework activities with real-time insights to improve therapy outcomes.
Therachat Acquisition Benefits for Wellin5
Wellin5’s counseling platform uses AI-powered technology and smart-logic driven software to combat mental health challenges by quickly connecting its users with the most compatible counselor. As a leader in online counseling, Wellin5 provides captivating user experience and highly engaging service, in turn, creating a new understanding of mental wellness.
The acquisition of Therachat positions Wellin5 to expand its mental health expertise to include:
– Offering a full client and counselor centric experience on a centralized platform
– A library of mobile health tools such as emotion tracking, thought reframing, mindfulness, etc.
– Meaningful support through engagement and self-help mental health exercises
– An additional 5,000 therapists to add to its existing base of mental health professionals.
“We are very excited about acquiring Therachat,” stated William Masih, Founder, and CEO of Wellin5. “This is a massive accomplishment in our plan to emerge as a leader in the preventive mental health space. Wellin5 is strongly positioned to grow exponentially over the next three to five years in North America and internationally. This year, we expect to close the next round of funding to expand our partnerships with insurance providers and employee benefits administrators to support our anticipated growth model.” Financial details of the acquisition were not disclosed