ICAS World, global provider of mental health and employee wellness services has acquired the NHS-commissioned mental health tech startup, Hello Tomo.

The acquisition is the first milestone for ICAS as it launches its new global digital health strategy, tapping into the $121 billion mental wellness market.

WHY IT MATTERS

Through the acquisition, ICAS World aims to expand its support for the 790 million people around the world currently affected by a mental health condition. 

London-based Hello Tomo, which is commissioned by NHS wellbeing service Good Thinking, helps users build and maintain healthy habits to manage depression, anxiety and overall mental health.  

The app, which currently has 20,000 users, allows users to create an anonymous peer support community through photo sharing and helps people to form positive associations between their actions and feelings to improve self-management and build resilience.  

Data shows an average improvement of 14% in symptoms of depression after 12 weeks of use which moves them out of a diagnosable range of the symptoms of depression.

Hello Tomo's existing customers will gain access to the Group's network of 80,000+ clinicians for coaching and therapy. ICAS expects the acquisition to deliver significant growth opportunities to existing ICAS customers by leveraging Hello Tomo’s technologies, skills and expertise in developing digital mental health and wellbeing solutions.

THE LARGER CONTEXT

Last week, DarioHealth announced it would expand its mental health foothold by acquiring wayForward for $30 million.

In related news, a new study examining the effectiveness of one chatbot-based mental health platform, Woebot, suggests that fully automated conversational agents can form similar bonds with users as real-life therapists.

ON THE RECORD

Andrew Davies, CEO at ICAS, said: “We are delighted to welcome Hello Tomo’s team, technology and customers to the ICAS family. We already support more than 2400 companies and 6.5 million employees and their families through our global network. By blending Hello Tomo’s entrepreneurial spirit and technical capabilities with our expertise, heritage and global reach, we hope we can give even more people the tools they need to better manage and protect their mental health. 

"There is a huge need to leverage smart technology to solve these big global health challenges. ICAS is working with ambitious, entrepreneurial teams that want to grow their technology products as part of the ICAS ecosystem. Hello Tomo and its founding team is the first in a series of strategic acquisitions as we continue to drive forward our digital transformation.”

Gus Booth-Clibborn, CEO and co-founder, Hello Tomo and newly-appointed head of digital transformation for ICAS said: “Hello Tomo has gone from strength to strength since its launch and is now at the point where it can scale. I’m grateful that I can remain a part of Hello Tomo and continue working with the wonderful team, while joining ICAS to lead its digital transformation. The opportunity to work with people with a clinical background and a shared vision to bring new mental health tech products to a global market cemented the decision to sell Hello Tomo and I’m looking forward to the journey ahead.”