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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," Ritter 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.
THE LARGER TREND
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.
