Sun Life to acquire Dialogue
Sun Life Financial is planning to indirectly acquire Canadian telemedicine platform Dialogue for $5.15 per Common Share at a deal value of $365 million.
Dialogue’s executive management will maintain a minority interest in Dialogue following closing.
Sun Life is no stranger to Dialogue, a company founded in 2016 to offer a telemedicine platform. The insurer was a lead investor in Dialogue’s $32 million Series B round back in 2020. A year later, the startup became a public company, raising C$100 million.
Dialogue offers on-demand access to quality care – nearly 2.8 million members across 50,000 organizations have access to Dialogue’s healthcare team.
In March 2020 Sun Life rolled out Dialogue’s services to its Group Benefits Clients under the name Lumino Health Virtual Care. Most recently, Dialogue announced it had reached an agreement with Sun Life U.S. to offer their platform and services to some of Sun Life’s Clients in the U.S., marking Dialogue’s entry to the U.S. market.
“We have a strong relationship with Sun Life and our company values are closely aligned. We both care deeply about health and well-being and want to improve access to safe and quality care for everyone. As a company backed by Sun Life, Dialogue will have the resources and flexibility to continue to deliver on its mission by leveraging the respective strengths of both organizations, and we look forward to introducing more innovative digital solutions to empower people on their health journey. This is an exciting new chapter as we look to grow together and shape the future of healthcare in Canada and other markets.” – Cherif Habib, Chief Executive Officer, Dialogue.
“We’re constantly looking at new and creative ways to empower Canadians throughout their health journeys. Digital health solutions including the services offered by Dialogue have become an important part of the health ecosystem, reducing demand on public care. We believe providing Canadians with access to health and wellness tools will create healthier, thriving communities.” – Dave Jones, President, Sun Life Health.
Dialogue will maintain its head office in Montréal, Québec and operate as a standalone entity of Sun Life Canada.
