Canada’s TELUS Health acquired Raleigh-based Workplace Options for $425 million in a transaction that strengthens the buyer’s customer reach and digital capabilities.
The acquisition taps Workplace Options’ global network of healthcare providers who provide digital and in-person care to more than 83 million people in in 113,000 organizations, including 57% of Fortune 500 companies, according to a statement. The care spans over 200 countries and territories.
While best known as a telecommunications company, Vancouver-based TELUS also provides digital health platforms, including electronic medical records and virtual care solutions, to healthcare professionals, employers and governments. It also creates employee wellbeing programs.
TELUS has annual revenue of about $20 billion and a market valuation of $24.6 billion.
The acquisition comes 3 1/2 years after Dean Debnam, Workplace Options’ majority owner, sold his stake to New York City-based private equity firm WindRose Investors, one of more than 100 potential buyers. Debnam’s successor, Alan King remains CEO.
As part of the acquisition, private equity group GTCR provided a $200 million structured minority investment. Chicago-based GTCR is also a minority investor in the Raleigh-based Captrust financial services firm.
Workplace Options employs more than 350 people in the Raleigh area and 1,400 overall.
