NEW YORK, June 22, 2021 /PRNewswire/ — Talkspace, a leading virtual behavioral healthcare company, and Hudson Executive Investment Corp. (“HEIC”) (NASDAQ: HECCU, HEC, HECCW), a special purpose acquisition company, announced the completion of their previously announced business combination. Beginning on June 23, 2021, the combined entity named Talkspace, Inc. (“Talkspace” or the “Company”) and its shares of common stock and warrants began trading on the Nasdaq Stock Market under the new ticker symbols “TALK” and “TALKW,” respectively.
The pro-forma entity is expected to have $250 million of available cash, which will be used to grow its user base, add partnerships and expand internationally. HEIC shareholders approved the transaction during an extraordinary meeting held on June 17, 2021.
Oren Frank, Co-founder and CEO of Talkspace, said, “Roni and I are thrilled to complete this transaction and enter the next phase of Talkspace’s journey. As a public company, we believe we will be able to further enhance access to high-quality mental health services, lowering cost and improving clinical outcomes at scale. Mental health is increasingly recognized as an essential need, and we believe Talkspace’s unique ability to treat a wide spectrum of acuities is pivotal to address the vast, unmet and growing demand for behavioral health services in innovative ways. Hudson Executive is an invaluable partner that will bring extensive expertise and relationships to Talkspace and will contribute to advance our mission.”
Douglas L. Braunstein, Founder and Managing Partner of Hudson Executive Capital and incoming Chairman of the Talkspace Board of Directors, commented, “Today marks a very important milestone in digital behavioral health. Talkspace’s technology-enabled operating model combines wide access to high-quality mental health resources with a rigorous, data-driven approach to clinical treatment. We are excited to partner with Oren and his world-class team at Talkspace to democratize access to behavioral health.”
About Talkspace
Talkspace is a leading virtual behavioral healthcare company enabled by a purpose-built technology platform. As a digital healthcare company, all care is delivered through an easy-to-use and fully encrypted web and mobile platform, consistent with HIPAA and other state regulatory requirements.
Today, the need for care feels more urgent than ever. When seeking treatment, whether it’s psychiatry or adolescent, individual or couples therapy, Talkspace offers treatment options for almost every need. With Talkspace, members can send their dedicated therapists text, video, and voice messages anytime, from anywhere, and engage in live video sessions. As of May 2021, over 2 million people have used Talkspace, and over 55 million lives were covered for Talkspace through insurance and employee assistance programs or other network behavioral health paid benefit programs.
For more information about Talkspace commercial relationships, visit https://business.talkspace.com. To learn more about online therapy, please visit https://www.talkspace.com/online-therapy.
About Hudson Executive Investment Corp.
Hudson Executive Investment Corp. is a Special Purpose Acquisition Company formed by Hudson Executive Capital LP (HEC), Douglas L. Braunstein, and Douglas G. Bergeron. Mr. Braunstein is founder and co-managing partner of HEC and the former CFO and vice chairman of JP Morgan. Mr. Bergeron is co-managing partner of HEC and the former chairman and CEO of VeriFone, Inc. For more information, visit: https://hudsoninvestcorp.com/.
The M&A market for healthcare companies continues to strengthen in 2021 and ahead of the projected increases in US capital gains taxes. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
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