Skip to Main Content

In a sign of the red-hot market for telemental health care, Talkspace announced Wednesday it would go public via a merger with special purpose acquisition company Hudson Executive Investment Corp in a $1.4 billion deal.

Talkspace, which offers therapy through text and video chat, has become among the best-known virtual therapy startups thanks to eye-catching advertising campaigns fronted by Olympian Michael Phelps. The company sells its services directly to consumers and through company-sponsored health plans. In a presentation shown to investors this morning, the company said it has served over 2 million people total since it was founded in 2012 and that it currently has 46,000 active members treated by 2,600 providers in all 50 states.

Unlock this article by subscribing to STAT+ and enjoy your first 30 days free!