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LifeSpeak To Acquire Wellbeats – A U.S.-Based On-Demand B2B Physical Wellbeing Platform – for up to US$92.5 Million</h2><h2>LifeSpeak收购Wellbeats——一个基于美国的按需B2B身体健康平台,价格高达9250万美元

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESElevates Product Offering with the Addition of Leading SaaS-Based Physical Wellbeing Platform

本新闻稿仅用于在加拿大发行,而不用于向美国新闻通服务发行,也不用于在美国发行,通过增加基于saas的领先的身体健康平台来提升产品供应

Accelerates Geographic Expansion and Scale with 800+ Pro Forma Enterprise Clients and Over $54 million of Pro Forma ARR, 52% of Which Is Generated by U.S. and International Clients

拥有800多家预估值企业客户和超过5400万美元的预估值ARR,其中52%是由美国和国际客户产生的

Acquisition Supported by Committed $97.5 million Senior Debt Financing Facility From Scotiabank’s Technology and Innovation Banking Group, and Concurrent $22 million Private Placement of Common Shares Led by Beedie Capital

收购由加拿大丰业银行(Scotiabank)的技术和创新银行集团(Technology and Innovation Banking Group)承诺的9750万美元高级债务融资工具支持,同时由Beedie Capital牵头的2200万美元普通股定向增发

TORONTO, February 14, 2022--(BUSINESS WIRE)--LifeSpeak Inc. ("LifeSpeak" or the "Company") (TSX: LSPK), the leading mental health and total wellbeing platform for employers, health plans, and insurance companies, today announced that it has signed a definitive agreement to acquire U.S.-based Wellbeats Inc. ("Wellbeats") for up to US$92.5 million. Wellbeats, a Minnesota-based market-leading provider of an on-demand, software-as-a-service ("SaaS") physical wellbeing platform, serves a diverse client base of 400+ U.S. and international enterprise clients. With a combined 30 years of experience as respective leaders in digital health education and physical wellbeing, the acquisition supercharges LifeSpeak’s ability to meet rapidly growing demand from organizations for a comprehensive, single-vendor solution to meet mental and physical health support needs.

多伦多,2022年2月14日——(业务线)——LifeSpeak Inc .(“LifeSpeak”或“公司”)(TSX: LSPK),领先的精神健康和幸福总平台对雇主来说,健康计划,和保险公司,今天宣布它已经签署了一份最终协议,收购美国Wellbeats Inc .(“Wellbeats”)9250万美元。Wellbeats是一家总部位于明尼苏达州的市场领先的按需、软件即服务(SaaS)物理健康平台供应商,为400多家美国和国际企业客户提供服务。作为数字健康教育和身体健康领域的领导者,LifeSpeak拥有30年的经验,此次收购增强了LifeSpeak的能力,使其能够满足组织对全面、单一供应商解决方案的快速增长需求,以满足心理和身体健康支持需求。

Effective corporate wellness solutions are in high demand, driven by increasing expectations from employers to provide total wellbeing support to employees and the rapidly changing nature of the work environment. According to Global Wellness Institute, corporate wellness is expected to reach a total addressable market of US$58.4 billion by 2025. A comprehensive suite of wellbeing solutions is paramount for organizations seeking to support their employees’ mental health and physical wellbeing. Solutions supporting the inextricable link between mental health and physical wellbeing, effectively address employee total wellbeing and may serve to improve employee productivity, engagement, and retention.

由于雇主对员工提供全面健康支持的期望不断提高,以及工作环境的迅速变化,有效的企业健康解决方案受到了很大的需求。根据全球健康研究所(Global Wellness Institute)的数据,到2025年,企业健康预计将达到584亿美元的总潜在市场。一套全面的福利解决方案是至关重要的组织寻求支持其员工的心理健康和身体健康。解决方案支持心理健康和身体健康之间的不可分割的联系,有效地解决员工的整体健康问题,可能有助于提高员工的生产力、敬业度和留任率。

"The acquisition of Wellbeats significantly expands and diversifies the SaaS-based behavioral health and physical wellbeing solutions LifeSpeak can offer its customers and partners. Wellbeats brings an exceptional on-demand wellbeing platform to millions of users worldwide and provides us with additional growth opportunities via channel partners," said Michael Held, CEO, LifeSpeak. "Many organizations have expressed a strong desire to streamline their wellbeing support to a smaller number of proven brands focusing on longer-term, preventive solutions. This makes the addition of Wellbeats highly complementary to LifeSpeak’s growing lineup of digital health offerings and allows us to further extend our offering to new enterprise and embedded solutions clients. Through this acquisition, we are excited to have the opportunity to cross-sell this extraordinary physical wellbeing platform around the world, as well as increase the prevalence of our industry-leading mental health and total wellbeing education platform."

“收购Wellbeats大大扩展了LifeSpeak为客户和合作伙伴提供的基于saas的行为健康和身体健康解决方案。Wellbeats为全球数百万用户提供了一个特殊的按需健康平台,并通过渠道合作伙伴为我们提供了额外的增长机会。”“许多组织都表达了强烈的愿望,希望将他们的福利支持精简到少数经过验证的品牌,专注于长期的、预防性的解决方案。这使得Wellbeats的加入对LifeSpeak不断增长的数字健康产品系列具有高度的补充作用,并使我们能够进一步扩展我们的产品到新的企业和嵌入式解决方案客户。通过此次收购,我们很高兴有机会在世界各地交叉销售这个非凡的身体健康平台,并提高我们行业领先的心理健康和整体健康教育平台的普及率。”

The transaction demonstrates continued disciplined execution of LifeSpeak’s strategy in several key areas and is well aligned with LifeSpeak’s core acquisition criteria, including acquiring assets with:A best-in-class and complementary B2B SaaS-based product offering: Wellbeats’ award-winning solution represents a strategic extension and enhancement of LifeSpeak’s digital, B2B-focused wellbeing platform and enables LifeSpeak to further address the critical needs of its client base with additional on-demand access to large and scalable physical wellbeing, health, and nutrition virtual resources.A large, sticky, and non-overlapping enterprise client base with a diverse geographic presence: Wellbeats will significantly increase LifeSpeak’s client count with the addition of 400+ net new global enterprise clients, bringing total LifeSpeak clients to 800+. Substantial cross-sell opportunities within LifeSpeak’s existing and net new client base, as well as additional paths to market, including new channel partners, augment LifeSpeak’s sales strategy while enhancing revenue opportunities across the client portfolio.

这笔交易展示了LifeSpeak在几个关键领域持续严格执行的战略,并与LifeSpeak的核心收购标准很好地结合在一起,包括收购资产:Wellbeats屡获殊荣的解决方案代表了LifeSpeak数字化、b2b健康平台的战略扩展和增强,使LifeSpeak能够通过额外的按需访问大型和可扩展的身体健康、健康和营养虚拟资源,进一步满足客户的关键需求。一个庞大的、具有粘性的、无重叠的企业客户群,分布在不同的地域:Wellbeats将显著增加LifeSpeak的客户数量,新增400多个全球企业客户,使LifeSpeak的客户总数达到800多个。在LifeSpeak现有和净新客户基础内的大量交叉销售机会,以及额外的市场路径,包括新的渠道合作伙伴,增强了LifeSpeak的销售策略,同时提高了客户组合的收入机会。

A strong team with complementary skillsets and long-term strategic alignment: The Wellbeats team joins LifeSpeak with decades of experience and long-term strategic alignment in its core mission. Wellbeats’ international experience and presence accelerates LifeSpeak’s global growth efforts through the addition of strong senior management and an experienced U.S. salesforce. LifeSpeak is pleased to announce that upon the completion of the transaction, Jason Von Bank, President & CEO of Wellbeats, will assume the role of Chief Operating Officer of LifeSpeak.

拥有互补技能和长期战略协作的强大团队:Wellbeats团队加入LifeSpeak,拥有数十年的经验和长期战略协作的核心使命。Wellbeats的国际经验和存在,通过强大的高级管理人员和经验丰富的美国销售团队,加速了LifeSpeak的全球增长努力。LifeSpeak很高兴地宣布,在交易完成后,Wellbeats的总裁兼首席执行官Jason Von Bank将担任LifeSpeak的首席运营官。

A similar financial profile: Wellbeats maintains comparable fundamental financial metrics to LifeSpeak and is expected to accelerate LifeSpeak’s overall growth strategy and enhance financial performance into 2022 and beyond.

类似的财务状况:Wellbeats保持着与LifeSpeak相当的基本财务指标,预计将加速LifeSpeak的整体增长战略,并在2022年及以后提高财务表现。

"By joining LifeSpeak, we are advancing on our mission to provide all people the opportunity to live a healthier life, regardless of age, interest or ability. We’ve also delivered on bringing the two halves of the wellbeing equation together for our customers, who have sought mental health solutions to complement our physical wellbeing resources," said Jason Von Bank, President & CEO, Wellbeats. "Both Wellbeats and LifeSpeak are category leaders with impressive global partners and clients, and this partnership will accelerate our combined growth dramatically. We are excited to be part of the LifeSpeak family and look forward to continuing to deliver on our mission for our clients, their employees, and shareholders."

“通过加入LifeSpeak,我们正在推进我们的使命,为所有人提供机会,过上更健康的生活,无论年龄、兴趣或能力。我们还为客户实现了健康等式的两部分,他们寻求心理健康解决方案来补充我们的身体健康资源,”Wellbeats总裁兼首席执行官Jason Von Bank说。“Wellbeats和LifeSpeak都是行业领导者,拥有令人印象深刻的全球合作伙伴和客户,这次合作将大大加快我们的综合增长。我们很高兴能成为LifeSpeak大家庭的一员,并期待继续为我们的客户、员工和股东实现我们的使命。”

Transaction Details, Financing, and Concurrent Private Placement

交易详情、融资和同时私募

An upfront payment of US$80 million is payable in cash on closing, with the remaining US$12.5 million payable in cash in the form of an earnout on the achievement of predetermined 2022 milestones. The transaction is expected to close in March 2022 and is subject to customary closing conditions for a transaction of this nature.

其中8000万美元的预付款将在交易结束时以现金形式支付,其余1250万美元将在达成预定2022年里程碑时以现金形式支付。该交易预计将于2022年3月完成,并受此性质交易的惯例完成条件的约束。

The transaction will be funded through cash on hand and a committed $97.5 million credit facility to be entered into with Scotiabank’s Technology Innovation and Banking Group. The credit facility will be a revolving facility, bearing interest at an annual rate determined based upon a Net Debt-to-Adjusted Bank EBITDA1 multiple. An additional $30 million will be available through an accordion facility. Minimum availability is 5.00x Net Debt-to-Adjusted Bank EBITDA through 2022, and the credit facility will contain customary terms and conditions for a senior secured facility of this nature. At the closing of the transaction, LifeSpeak expects to have Net Debt of approximately $91 million excluding the proceeds of the Private Placement described below and a Net Debt-to-Adjusted Bank EBITDA multiple of 4.4x2. Such Net Debt will be used to partially fund the transaction and to repay all amounts owing under LifeSpeak’s current credit facility in the amount of approximately $16 million.

这笔交易将通过手头的现金和加拿大丰业银行(Scotiabank)的技术创新和银行集团(Technology Innovation and Banking Group)承诺的9750万美元信贷额度提供资金。该信贷安排将是一项循环安排,按按银行净债务调整后息税折旧摊销前利润1倍数计算的年利率计息。另外将通过一个手风琴设施提供3 000万美元。最低可用性为5.00倍经调整净债务的银行息税折旧摊销前利润(EBITDA)至2022年,信贷额度将包含此类高级担保额度的习惯条款和条件。在交易结束时,LifeSpeak预计净债务约为9100万美元,不包括下文所述的私人配售的收益,净债务调整后的银行EBITDA倍数为4.4x2。这些净债务将被用来部分资助交易,并偿还LifeSpeak目前约1600万美元的信贷安排下的所有欠款。

Concurrent to the acquisition of Wellbeats, LifeSpeak has entered into subscription agreements with a group of investors led by Beedie Capital, and Scotia Capital Inc. and Roth Canada, ULC as agents, whereby the investors will purchase 2,953,020 common shares at a price of $7.45 per common share for gross proceeds of approximately $22 million, through a private placement (the "Private Placement"). The net proceeds of the Private Placement will be used to fund a portion of the purchase price of the transaction. The completion of the Private Placement is subject to applicable regulatory approval of the Toronto Stock Exchange and to the completion of the acquisition. At the closing of the transaction, Net Debt, including the net proceeds of the Private Placement, is expected to be approximately $70 million with a Net Debt-to-Adjusted Bank EBITDA multiple of 3.4x2, and this multiple is expected to be reduced to approximately 2.5x one year after the closing.

收购Wellbeats并发,LifeSpeak已经与一群投资者进入订阅协议由Beedie首都和Scotia Capital公司和罗斯加拿大城市代理,即投资者将购买2953020普通股每股普通股7.45美元的价格约2200万美元的总收入,通过非公开发行(“非公开发行”)。私人配售的净收益将用于支付交易的部分购买价格。私募配售的完成需获得多伦多证券交易所相关监管部门的批准以及收购的完成。在交易结束时,净债务,包括私人配售的净收益,预计约为7000万美元,净债务调整后的银行EBITDA倍数为3.4x2,该倍数预计在交易结束一年后减少到约2.5倍。

Financial and Operational Highlights

财务及营运重点

Wellbeats brings a compelling financial profile with a strong base of revenue and Annual Recurring Revenue ("ARR"). In 2021, Wellbeats is expected to have generated approximately $17.4 million of revenue derived from 400+ enterprise clients and achieved a 41%+ year-over-year growth in the Number of Clients for the twelve-month period ending September 30, 2021 (see "Financial Estimates" below). Wellbeats’ ARR is expected to have been approximately $19.2 million as at December 31, 2021 (see "Financial Estimates" below). In addition, Wellbeats achieved a Net Dollar Retention rate of 108%+ for the twelve-month period ending September 30, 2021.

Wellbeats带来了引人注目的财务状况,拥有强大的收入基础和年度经常性收入(“ARR”)。到2021年,Wellbeats预计将从400多家企业客户中获得约1740万美元的收入,在截至2021年9月30日的12个月期间,客户数量同比增长41%以上(见下文的“财务估算”)。截至2021年12月31日,Wellbeats的ARR预计约为1920万美元(见下文的“财务估算”)。此外,Wellbeats在截至2021年9月30日的12个月期间实现了108%以上的净美元留存率。

The acquisition of Wellbeats, once complete, will be LifeSpeak’s fourth acquisition following its IPO in July of 2021. On a pro forma basis, LifeSpeak is expected to have 800+ enterprise and embedded solutions clients and approximately $54.4 million of ARR as at December 31, 2021 (see "Financial Estimates" below). This compares to 225+ clients and ARR of approximately $21.0 million at the time of IPO3, representing a significant increase in the opportunity set for the overall LifeSpeak product and platform.

收购Wellbeats完成后,将是LifeSpeak在2021年7月首次公开募股后的第四次收购。预计到2021年12月31日,LifeSpeak将拥有800多家企业和嵌入式解决方案客户,ARR约为5440万美元(见下文的“财务估算”)。相比之下,在IPO3时,该公司拥有超过225家客户,ARR约为2100万美元,这意味着LifeSpeak产品和平台的整体机遇显著增加。

"LifeSpeak continues to aggressively build its solution offerings to meet global demand through strategic acquisitions," said Nolan Bederman, Executive Chair, LifeSpeak. "Wellbeats fits synergistically with our platform, allowing us to enhance and expand our mental health and wellness support capabilities. With the addition of Wellbeats’ incredible virtual physical wellbeing platform to our Company, we have a tremendous opportunity to cross-sell additional valuable solutions to our clients and partners, adding significant value to their health and wellbeing investments."

LifeSpeak执行主席Nolan Bederman表示:“LifeSpeak将继续通过战略收购积极构建其解决方案,以满足全球需求。“Wellbeats与我们的平台协同配合,使我们能够增强和扩展我们的心理健康和健康支持能力。随着Wellbeats的虚拟物理健康平台的加入,我们有巨大的机会向我们的客户和合作伙伴交叉销售额外的有价值的解决方案,为他们的健康和健康投资增加巨大的价值。”

2022 Projected Financial Performance

2022年预计财务业绩

The combined companies are expected to deliver strong core organic revenue and ARR growth, enhanced through the significant revenue synergies and cross-sell opportunities across the pro forma client base. The strong revenue growth and profitable nature of the pro forma company supports LifeSpeak’s ability to fund future growth internally while tactically managing debt levels and continuing to execute on its global expansion and growth via acquisition strategy.

合并后的公司预计将实现强劲的核心有机收入和ARR增长,通过显著的收入协同效应和跨形式客户基础的交叉销售机会得到增强。强劲的收入增长和盈利性质的形式公司支持LifeSpeak的能力,为未来的内部增长提供资金,同时战术管理债务水平和继续执行其全球扩张和增长通过收购战略。

Based on current sales pipeline visibility, the successful integration of the LIFT, ALAViDA and Torchlight, and the anticipated closing and integration of Wellbeats, LifeSpeak expects 2022 revenue growth to be in the range of 180% – 200% for the year ending December 31, 2022. This assumes estimated preliminary revenue of $23.4 million for the year ending December 31, 2021 (see "Financial Estimates" below).

根据目前的销售渠道的可见性、LIFT、ALAViDA和Torchlight的成功整合,以及Wellbeats的预期关闭和整合,LifeSpeak预计,截止2022年12月31日,2022年的收入增长将在180% - 200%之间。这是假设截至2021年12月31日的年度初步收入估计为2340万美元(见下面的“财务估算”)。

LifeSpeak expects ARR to be in the range of $75 million – $85 million as at December 31, 2022 and expects Adjusted EBITDA Margin to be in the range of 30% – 40% for the year ending December 31, 2022. This guidance is being provided to give context to the effect of the acquisition on LifeSpeak and LifeSpeak does not intend to provide such guidance on an ongoing basis.

LifeSpeak预计,截至2022年12月31日,ARR将在7500万- 8500万美元之间,并预计在截至2022年12月31日的财年中,调整后的EBITDA利润率将在30% - 40%之间。本指南旨在说明收购对LifeSpeak的影响,LifeSpeak不打算在持续的基础上提供此类指南。

The Company expects to file its audited fiscal 2021 MD&A and financial statements and plans to host a conference call and webcast to discuss its fourth quarter 2021 and 2021 annual results on or about March 22, 2022.

公司预计于2022年3月22日左右提交经审计的2021财年MD&A和财务报表,并计划召开电话会议和网络直播,讨论2021年第四季度和2021年年度业绩。

Financial Estimates

财务预估

In order to provide context to the information provided in this press release prior to the release of the Company’s financial results for the year-ended December 31, 2021, the Company is providing preliminary financial estimates with respect to its revenue and ARR. The Company does not intend to provide such estimates in the future. The Company expects revenue for year-ended December 31, 2021 to range from $22.6 million to $24.5 million, with a midpoint of $23.4 million; the Company expects ARR as at December 31, 2021 for LifeSpeak (including LIFT session and ALAViDA) to range from $27.9 million to $30.2 million, with a midpoint of $29.0 million; the Company expects ARR as at December 31, 2021 for Torchlight (a company acquired by LifeSpeak on December 13, 2021) to range from $6.0 million to $6.4 million, with a midpoint of $6.2 million; the Company expects revenue for the year-ended December 31, 2021 for Wellbeats to range from $16.7 million to $18.1 million, with a midpoint of $17.4 million and the Company expects ARR as at December 31, 2021 for Wellbeats to range from $18.4 million to $20.0 million, with a midpoint of $19.2 million. All of these figures are preliminary, have not been reviewed by the Company’s or Wellbeats’ auditors and are subject to change as the Company’s and Wellbeats’ financial results are finalized. Additional discussion around the Company’s year-end results will be addressed following the release of the financial results for the year ended December 31, 2021.

为了在公司公布截至2021年12月31日的年度财务业绩之前,提供本新闻稿中提供的信息的背景信息,公司将提供关于其收入和ARR的初步财务估算。本公司不打算在未来提供此类估算。该公司预计,截至2021年12月31日的财年营收将在2260万美元至2450万美元之间,中间值为2340万美元;该公司预计,截至2021年12月31日,LifeSpeak(包括LIFT session和ALAViDA)的ARR将在2790万美元至3020万美元之间,中间值为2900万美元;该公司预计,截至2021年12月31日,Torchlight(该公司于2021年12月13日被LifeSpeak收购)的ARR将在600万美元至640万美元之间,中间值为620万美元;公司预计收入年底12月31日,2021年Wellbeats范围从1670万美元至1810万美元,与1740万美元的中点和ARR公司预计在12月31日,2021年Wellbeats范围从1840万美元至2000万美元,有1920万美元的中点。所有这些数据都是初步数据,尚未经过公司或Wellbeats审计师的审核,随着公司和Wellbeats的财务报告最终确定,这些数据可能会发生变化。关于公司年终业绩的其他讨论将在截至2021年12月31日的年度财务业绩发布后进行。

Advisors

顾问

Scotiabank and Roth Canada, ULC are acting as financial advisors to LifeSpeak. Pillsbury Winthrop Shaw Pittman LLP and Fasken Martineau DuMoulin LLP are serving as legal counsel to LifeSpeak. Stifel is acting as financial advisor to Wellbeats, and Lathrop GPM is serving as legal counsel to Wellbeats.

加拿大丰业银行(Scotiabank)、加拿大罗斯(Roth Canada)、ULC将担任LifeSpeak的财务顾问。Pillsbury Winthrop Shaw Pittman LLP和Fasken Martineau DuMoulin LLP担任LifeSpeak的法律顾问。Stifel担任Wellbeats的财务顾问,Lathrop GPM担任Wellbeats的法律顾问。

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