Senior Software Engineer

Spring Health to buy mental health startup Alma. Spring Health, a company that offers digital mental healthcare and navigation services, plans to acquire Alma to expand its offerings and tap into the startup's deep roster of health plan partners. Spring Health has entered into a definitive agreement to acquire Alma, and the transaction is expected to close in the second quarter of 2026 pending regulatory approvals, the company announced Thursday. Financial terms and valuation are not being disclosed. "Spring Health and Alma are addressing complementary parts of the same industry challenge. Spring Health brings precision mental health care, specialty care capabilities and an AI-enabled platform focused on improving outcomes and reducing total cost of care. Alma has built deep national and regional payer relationships and strong provider infrastructure that helps clinicians run thriving in-network practices," Adam Chekroud, co-founder and president of Spring Health, told Fierce Healthcare via email. "Together, these strengths allow the combined organization to expand access, reduce disruptions as people move across coverage or life stages, and support continuity of care across more points in a person's mental health journey," he said. The deal represents one of the largest pure-play mental health acquisitions in recent years. Spring Health executives say the acquisition of Alma will build a "lifelong mental health platform." People still struggle to get access to the right care for their mental health needs or experience disruptions as coverage, employment or life circumstances change. Alma, founded in 2018, is a membership-based network that helps independent mental healthcare providers accept insurance and build private practices. Alma's platform enables clinicians to care for more than 120 million lives through contracts with national payers as well as several regional plans. Harry Ritter, CEO of Alma, said the two companies serve different parts of the mental healthcare ecosystem but have well-matched capabilities. "Spring Health's best-in-class technology and proven specialty care capabilities, along with Alma's national health plan relationships and robust provider infrastructure, will deepen the value delivered across the full ecosystem - for providers, individuals, employers and health plans," he told Fierce Healthcare via email. The deal also sets up Spring Health for its next phase of growth, executives said. "The acquisition accelerates Spring Health's long-term strategy by expanding reach, strengthening provider infrastructure and enabling faster innovation. It supports the company's vision of building a durable, lifelong mental health platform that serves people across major life transitions while continuing to support employers and health plans as distinct access points into care," Chekroud said. Founded in 2016, Spring Health offers what it calls "precision mental healthcare" that matches each employee and member to the most effective care for them. The platform offers personalized mental health support, including self-guided tools, coaching, therapy, medication management and specialty care. More than 50 million people worldwide have access to Spring Health through their employers or health plans. The company's enterprise customers include Highmark, Target, The Coca-Cola Company, BlackRock, Microsoft, Pfizer and Wawa. As demand for mental healthcare services continues to rise, Spring Health says it has experienced sustained growth over the past three years, with a compound annual growth rate exceeding 80%. The company focuses on tracking care outcomes, an approach that is generally lacking among many mental health providers. The company's data reveal that its workplace mental heath program delivers clinical and financial outcomes, according to a peer-reviewed study published in JAMA Network Open. Combined, Spring Health and Alma are on pace to deliver nearly 10 million mental health visits in 2026, the companies said. Ritter said both companies are mission-driven and focused on reducing barriers to mental healthcare. "Alma has built deep expertise in supporting clinicians to deliver high quality, in-network care delivery. Together with Spring we can invest even more in building great tools that help providers, expand access to specialty care capabilities and bring advanced technology solutions to our partners, while continuing to operate as a distinct brand focused on its clinician community and health plan partners," he said. April Koh will continue as CEO of Spring Health, and Ritter will continue as CEO of Alma, leading the organization within Spring Health. The deal comes as AI technology is rapidly reshaping mental health care. Spring Health says it has been investing in advanced technology that accelerates clinical outcomes and reduces total cost of care. "With Alma, Spring Health can extend the reach of its advanced AI-enabled capabilities. Guided by core principles that prioritize safety, privacy and the value of provider relationships, Spring Health and Alma will focus on personalizing care for individuals, reducing administrative burden for clinicians and creating value for employers and health plans," executives said in a press release. In October, Spring Health, along with an expert clinical advisory panel, released an open-source evaluation for validating AI in mental health. The framework aims to assess the safety and effectiveness of AI chatbots used in mental healthcare. The deal combines two well-funded companies in the mental health space. Spring Health has raised $470 million to date, pocketing $100 million in series E funding in July 2024, which bumped its valuation to $3.3 billion. It's backed by investors Generation Investment Management, Kinnevik, the William K. Warren Foundation, RRE, Northzone, Tiger Global and others. Alma has raised at least $220 million, with a $130 million round in 2022. That series D round was backed by private equity firm Thoma Bravo, Cigna's venture arm, Optum Ventures, Insight Partners, Tusk Venture Partners, Primary Venture Partners and Sound Ventures. Through the acquisition, the companies will benefit from shared innovation, resources and technology, company executives assert. "Spring Health and Alma bring complementary technology strengths to the combination," Chekroud said. "Spring Health has built an advanced, AI-enabled platform focused on personalization, clinical decision support, and delivering strong mental health outcomes, particularly for individuals with complex care needs. Alma has developed robust practice management and referral infrastructure that helps independent clinicians efficiently run their practices and participate in national and regional health plan networks at scale." After the deal closes, the companies plan to "thoughtfully leverage" these synergistic capabilities to expand access to care, support care continuity and improve operational efficiency for clinicians, while maintaining strong privacy and security standards, according to Chekroud. "AI will continue to support clinical excellence, personalized care and reduced administrative burden, guided by principles that prioritize safety, privacy and provider relationships," Chekroud said, noting that there are no immediate changes to products, programs or go-to-market approaches as the companies move toward closing.

Spring Health acquires Alma to boost mental healthcare. Following the acquisition, April Koh will continue as CEO to lead Spring Health and Harry Ritter will remain CEO of Alma as the brands operate separately. Spring Health, which offers AI-enabled digital mental healthcare and navigation services, has acquired Alma, maker of software and support tools for mental health professionals building their practices. New York-based Spring Health works with employers and health plans to connect individuals with virtual mental health services. Through the platform, members take an assessment that screens for 12 conditions, then receive a list of mental health providers for a clinical evaluation. They also receive a comprehensive care plan with personalized recommendations from their care provider and can access Moments, the company's on-demand digital exercises. Alma provides personalized searches for one to access a healthcare provider based on their needs, insurance, language, session availability, identity and therapy style. The company says it allows one to start therapy in three days instead of months. The partnership will see the two companies come together, though they will still run as separate companies with April Koh continuing as CEO of Spring Health and Harry Ritter remaining CEO of Alma, leading the organization within Spring Health. The companies said in a statement that both businesses will remain focused on serving their respective customers while sharing their innovations, resources and technology, and the acquisition allows Spring Health to extend the reach of its AI-capabilities using Alma. "Alma has focused on empowering clinicians to deliver high-quality, in-network care over the long term," Harry Ritter, founder and CEO of Alma, said in a statement. "Joining Spring Health accelerates our ability to support clinicians with industry-leading technology while improving quality, experience, and outcomes for members and health plan partners." The acquisition is expected to close in the second quarter of 2026. In 2024, Spring Health scored $100 million in a Series E funding round, raising its valuation to $3.3 billion. Spring Health raised $71 million in April 2023, two years after securing $190 million in Series C funding. In 2022, the company acquired Weldon, which provided mental wellness guidance to parents through chats with therapists, social workers and parenting coaches, as well as group support and educational content. That same year, Alma raised $130 million in Series D funding, about a year after the company announced its $50 million Series C raise.