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- Talkspace
Talkspace Acquisition, Valuation & Financials
Talkspace was acquired by Universal Health Services for $835M in March 2026, a 3.6x multiple on $229M of revenue.
Talkspace revenue at acquisition
$229M
Last twelve months · Mar 2026
Talkspace revenue multiple at acquisition
3.6x
EV/Revenue · Mar 2026
Talkspace EBITDA multiple at acquisition
52.8x
EV/EBITDA · Mar 2026
Talkspace Overview
About Talkspace
Talkspace Inc is a behavioral healthcare company offering access to licensed therapists, psychologists, and psychiatrists through its technology platform. It serves clients including health plans, enterprises, and individual subscribers. Therapists address various mental health conditions, while psychiatrists cater to a higher acuity demographic. Revenue stems from payor and direct-to-enterprise clients, with contracts lasting one to three years. The majority of the Company’s operations and revenues are based in the United States.
Founded
2019
HQ
Website
Status
Acquired
Customer focus
B2B & B2C
Revenue model
Subscription
Revenue
$229M (Mar 2026)
Valuation
$131M (Sep 2017)
Talkspace Acquisition
Talkspace was acquired by Universal Health Services for $835M on 8 March 2026.
The acquisition price implies a 3.6x revenue and 52.8x EBITDA multiple on $229M of revenue.
Before the acquisition Talkspace had raised $107M across 5 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 8 Mar 2026 | Strategic M&A | $835M | 3.6x | 52.8x |
Talkspace as a Public Company
Talkspace traded as NAS: TALK before it was taken private. Its acquisition was announced in March 2026. August 2026 is its last month on record as a listed company, with a market cap of $871M and an enterprise value of $780M.
Last-twelve-month revenue was $260M, with EBITDA of $25M (10% margin), and the shares traded at 3.0x EV/Revenue and 30.7x EV/EBITDA.
Over the 4 years before that, its market cap grew from $210M in August 2022 to $871M, while revenue grew from $118M to $260M.
Talkspace market cap while listed
Talkspace EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aug 2026 | $871M | $260M | $25M | 10% | 3.0x | 30.7x |
| Aug 2025 | $446M | $213M | $13M | 6% | 1.6x | 26.1x |
| Aug 2024 | $336M | $177M | ($500K) | 0% | 1.2x | (460.1x) |
| Aug 2023 | $270M | $135M | ($31M) | -23% | 1.1x | (4.6x) |
| Aug 2022 | $210M | $118M | ($65M) | -55% | 0.4x | (0.8x) |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Talkspace traded.
Talkspace Valuation
Talkspace is currently valued at $131M, based on its Series C in September 2017.
The $31M round was led by Qumra Capital, with participation from Compound, SoftBank Group, Spark Capital, Firstime Venture Capital, Norwest and 1 other investor.
Talkspace valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2017 | Series C | $131M |
Talkspace Funding History
Talkspace has raised a total of $107M across 5 funding rounds.
Talkspace's first fundraising round was a $1M seed round in December 2014. The most recent completed round was a $50M Series D in May 2019.
Talkspace funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2019 | Series D | Revolution (lead); Compound; Revolution Growth; Spark Capital; Norwest; Qumra Capital; La Maison ITF | $50M | - | Talkspace is a leading behavioral healthcare company founded in 2012, offering convenient access to licensed therapists, psychologists, and psychiatrists through a purpose-built technology platform supporting messaging, video, and audio sessions. It serves both B2B clients including enterprises like Google and Expedia, health plans such as Aetna, Cigna, Premera, and Optum, and direct B2C individual subscribers. The platform is HIPAA-compliant and fully encrypted, connecting millions of members to mental health providers, with over 130 million people accessing it through health plans, employers, schools, or agencies at copay or no cost. Talkspace reported annual revenue of $38.18 million for the fiscal year ended December 31, 2019. Revenue scaled rapidly post-2019, reaching $76.19 million in 2020 (up 99.57%), $113.67 million in 2021 (up 49.19%), $119.57 million in 2022 (up 5.19%), $150.05 million in 2023 (up 25.49%), and $187.59 million in 2024 (up 25.02%). In 2022, B2B sessions under health plans totaled about 426,400, up from 273,700 in 2021, with overall revenue at $119.6 million. Recent trailing twelve-month revenue through Q3 2025 was $214.59 million. Talkspace went public via SPAC and trades on NASDAQ (TALK) with a recent market cap around $581 million and P/S ratio of 2.75 as of late 2025 data. It competes in digital mental health against larger players like Teladoc, which has ~$2.6 billion revenue and 90 million members versus Talkspace's smaller scale of ~$160-200 million revenue and 521 employees. Growth has been strong at 25%+ CAGR from 2020-2024, driven by B2B expansion. |
| Sep 2017 | Series C | Qumra Capital (lead); Compound; SoftBank Group; Spark Capital; Firstime Venture Capital; Norwest; La Maison ITF | $31M | $131M | Talkspace is an online therapy platform founded in 2012 by Oren and Roni Frank, connecting patients with licensed therapists via digital channels for telebehavioral health services. The company has raised multiple funding rounds, including a Series C in 2017 with participation from investors like Qumra Capital, Norwest, Spark Capital, and others. By May 2019, Talkspace announced a $50 million Series D led by Revolution Growth, with participation from existing investors including Qumra Capital, Norwest, Spark Capital, and Compound, bringing total funding to $110 million at that point. Post-2017, Talkspace pursued commercial expansion with employers, health plans, and educational organizations, growing its network to over 5,000 providers and investing in AI and machine learning for therapy matching and quality. In June 2021, it went public via SPAC merger at a $1.4 billion valuation, raising $250 million in PIPE funding led by Norwest with Qumra and others participating. The company faced challenges post-SPAC, with market cap dropping below $100 million by 2023. In 2025, Talkspace reported $230 million in revenue, up 22% year-over-year, with $7.8 million net income and $90 million cash, shifting focus to organizational clients. As of March 2026, it is being acquired by Universal Health Services for approximately $835 million ($5.25 per share, 10% premium), providing significant returns to early investor Qumra Capital, which retains a 5.1% stake worth about $45 million. The deal, expected to close in Q3 2026, follows Qumra's early 2017 investment. |
| Jun 2016 | Series B | Norwest (lead); Compound; Runway Venture Partners; SoftBank Group; Spark Capital; Firstime Venture Capital; HDS Capital | $15M | - | Talkspace, an online therapy platform founded in 2012 by Oren and Roni Frank, raised $15 million in Series B funding on June 14, 2016, led by Norwest Venture Partners with participation from Spark Capital, SoftBank, and others including TheTime and Metamorphic Ventures. The round brought total funding to $28 million. Norwest managing partner Jeff Crowe joined the board. The company provides unlimited messaging therapy via web and mobile apps, supporting audio and video messaging, powered by IBM Watson for personality analysis. At the time, Talkspace had served 300,000 users with nearly 1,000 licensed therapists. |
| May 2015 | Series A | Spark Capital (lead); SoftBank Group; Firstime Venture Capital; SBNY | $10M | - | Talkspace announced a Series A funding round of $9.5 million in May 2015, co-led by Boston-based Spark Capital and SoftBank Capital. The round also included participation from existing investors Metamorphic Ventures and TheTime. Talkspace operated an online therapy platform allowing patients to communicate with healthcare professionals via messaging on a subscription basis, having been founded in 2012. |
| Dec 2014 | Seed | Spark Capital (lead); SoftBank Group; Firstime Venture Capital; Metamorphic Ventures | $1M | - | - |
Who has invested in Talkspace?
13 investors have backed Talkspace across its funding rounds, including Spark Capital, SoftBank Group, Firstime Venture Capital, Norwest, Compound and Qumra Capital.
Lead investors include Revolution, Qumra Capital, Norwest and Spark Capital.
Talkspace Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Dec 2014 | ||
| 4 | Participant | Dec 2014 | ||
| 4 | Participant | Dec 2014 | ||
| 3 | Participant | Jun 2016 | ||
| 3 | Lead | Jun 2016 | ||
| 2 | Lead | Sep 2017 | ||
| 2 | Participant | Sep 2017 | ||
| 1 | Participant | Jun 2016 | ||
| 1 | Participant | May 2019 | ||
| 1 | Lead | May 2019 | ||
| 1 | Participant | May 2015 | ||
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Start Free TrialAcquisitions by Talkspace
Talkspace has acquired 2 companies to date.
Last acquisition by Talkspace was on October 6th 2025. Talkspace acquired Wisdo Health for undisclosed valuation.
Latest Acquisitions by Talkspace
| Description | Wisdo Health is a Tel Aviv-headquartered digital therapeutics company delivering AI-driven emotional wellness programs. Founded in 2017, it operates a social health platform that connects users in moderated peer groups for mental health support, chronic pain management, and employee wellbeing. Wisdo partners with insurers like Cigna and employers including PepsiCo, offering clinically validated interventions based on behavioral science. The platform analyzes user data to personalize journeys, achieving outcomes comparable to therapy in randomized trials. | Lasting develops an app-based program for couples addressing communication, conflict, intimacy, sex, and parenting through exercises, quizzes, insights, and audio-guided sessions. The platform draws from clinical research to deliver personalized relationship health plans accessible on iOS and Android. Used by over 2 million couples since 2015, Lasting partners with therapists for evidence-based content. San Francisco-headquartered, it integrates progress tracking and partner syncing for daily check-ins. |
| HQ Country | ||
| HQ City | Ramat Gan | New York City, NY |
| Deal Date | 6 Oct 2025 | 12 Nov 2020 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Talkspace acquisitions and their M&A valuation multiples. Start Free Trial | ||
Talkspace Competitors
Talkspace competitors include listed companies like Teladoc and Hims, and private ones like Slingshot AI, SonderMind, Elemy and Doktor.se.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $10M | - | $220M | 22.0x | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $2.5B | $124M | $1.1B | 0.6x | ||
| Private | - | - | $1.1B | - | ||
| Private | $89M | - | $578M | 6.5x | ||
| Publicly listed | $2.3B | $178M | $6.6B | 2.5x |
Talkspace Public Comps
Talkspace is no longer listed, but its public comps include Teladoc, GoodRx, Guiyang Longmaster, Medley Inc., Evolent Health, American Well, JMDC, LifeMD, Nyxoah and Kooth.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.5B | $124M | 0.5x | 0.6x | 11.1x | 4.9x | |||
| $797M | $173M | 1.7x | 1.7x | 7.9x | 5.4x | |||
| $44M | $5M | 10.2x | - | 90.0x | - | |||
| $233M | $32M | 2.1x | 1.8x | 15.7x | 13.2x | |||
| $1.9B | ($365M) | 0.7x | 0.5x | (3.5x) | 9.4x | |||
| $249M | ($63M) | 0.2x | 0.2x | (0.7x) | (2.7x) | |||
| $320M | $87M | 5.0x | 4.6x | 18.4x | 17.7x | |||
| $194M | ($2M) | 0.7x | 0.6x | (84.5x) | 86.2x | |||
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Common questions about Talkspace
| When was Talkspace founded? | Talkspace was founded in 2019. |
| Where is Talkspace headquartered? | Talkspace is headquartered in United States. |
| Is Talkspace publicly listed? | No, Talkspace was acquired by Universal Health Services in March 2026. |
| Who acquired Talkspace? | Talkspace was acquired by Universal Health Services in March 2026. |
| How much was Talkspace acquired for? | Talkspace was acquired for $835M in March 2026, a 3.6x revenue multiple. |
| What is Talkspace's valuation? | Talkspace was last valued at $131M in its Series C in September 2017. |
| How much funding has Talkspace raised? | Talkspace has raised $107M across 5 funding rounds. |
| What was Talkspace's last funding round? | Talkspace's last funding round was a $50M Series D in May 2019, led by Revolution. |
| Who are Talkspace's investors? | Talkspace's investors include Spark Capital, SoftBank Group, Firstime Venture Capital, Compound, Norwest, Qumra Capital, La Maison ITF, Runway Venture Partners, Revolution Growth, Revolution and 3 others. |
| Which companies are comparable to Talkspace? | Companies comparable to Talkspace include Slingshot AI, SonderMind, Teladoc, Elemy, Doktor.se and Hims. |
| What was Talkspace's market cap before the acquisition? | Talkspace had a market cap of $871M in August 2026, its last month on record as a listed company, trading at 3.0x EV/Revenue. |
| What was Talkspace's revenue as a public company? | Talkspace's last reported twelve-month revenue was $260M (August 2026), with EBITDA of $25M. |
| How many companies has Talkspace acquired? | Talkspace has acquired 2 companies, including Wisdo Health and Lasting. |
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