February 1, 2019 04:00 AM | Covington Associates
February 1, 2019 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to myStrength, Inc., a leading provider of digital behavioral health solutions, in the sale of its business to Livongo, an Applied Health Signals company.
The acquisition will enable Livongo to more fully address the health of the whole person by bringing behavioral health conditions including depression, anxiety, stress, substance use disorder, chronic pain, opioid addiction and recovery, and insomnia to Livongo’s Applied Health Signals solution. myStrength currently partners with over 130 of the largest health plans and health systems in the country including Medicaid funded community healthcare organizations across 32 states.
Approximately 135 million Americans suffer from at least one chronic condition and 20 percent of adults are also dealing with a behavioral health issue. The addition of myStrength will allow Livongo members to seamlessly manage their chronic conditions and behavioral health on one platform with a clinical grade solution that is at the same time focused on the typical health consumer. myStrength’s behavioral health solution uses evidence-based interventions including cognitive behavioral therapy, acceptance and commitment therapy, positive psychology, mindfulness, and motivational interviewing to help individuals resolve clinical conditions, build resiliency, manage stress, improve mood, sleep better, or simply find daily inspiration.
“The acquisition of myStrength represents Livongo’s first strategic investment to address the full range of behavioral health issues on one platform. We did an extensive evaluation of the digital behavioral health landscape and myStrength was clearly the best provider in the space, based on provable effectiveness, traction, customer base, and user satisfaction. The breadth of behavioral health solutions that myStrength offers will allow Livongo to take an integrated approach to tackle these conditions while helping people living with or at risk for chronic conditions,” said Glen Tullman, Executive Chairman of Livongo. “We are excited to welcome the myStrength team to the Livongo family and to combine our capabilities to better serve our members and rapidly growing client base of self-insured employers, health plans, health systems, and pharmacy benefit managers.”
“Simply put, myStrength and Livongo are a great fit. We share a commitment to providing solutions that address multiple conditions and deliver measurable outcomes, and we are like-minded when it comes to mission, values, and culture,” said Scott Cousino, Chief Executive Officer and Co-Founder of myStrength, who will join Livongo along with all of myStrength’s employees. “This move will now allow us to focus on both the physical and behavioral health of our members and strengthens our ability to bring our clients a broader, more personalized offering.”
The acquisition supports Livongo’s focus on rapid market growth, continued investment in data science, deeper integration with clients and partners, and the development of a comprehensive consumer offering to address the health needs of the whole person.
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. Further information about Covington Associated can be found at http://www.covingtonassociates.com/overview.
myStrength, Inc., The Health Club For Your Mind™ is a recognized leader in digital mental health. myStrength enhances traditional care, delivering effective mental health resources at scale. Healthcare payers and providers across the US have adopted myStrength to improve wellness programs, extend behavioral health services and expand chronic care support. myStrength uniquely delivers evidence based, self-management technology to extend access, improve outcomes and lower the cost of care. For more information about myStrength, please visit www.mystrength.com.
Livongo pioneered the category of Applied Health Signals, empowering people with chronic conditions to live better and healthier lives. Livongo’s team of data scientists aggregate and interpret substantial amounts of health data and information to create actionable, personalized, and timely health signals. Livongo is the first company at the intersection of data science, behavior enablement, and clinical impact with the technologies and capabilities to Silence Noisy Healthcare™. The Livongo approach is leading to better clinical and financial outcomes while creating a different and better experience for people with chronic conditions. For more information, visit: www.livongo.com.