September 16, 2022
Telus has recently completed several acquisitions of wellness startups through its health division, Telus Health, including its most recent acquisition of LifeWorks (formerly Morneau Shepell). With this acquisition, Telus can now support corporate clients across more than 160 countries.
LifeWorks provides tech-based solutions to support employees' mental, physical, social, and financial well-being. LifeWorks is a world leader in providing digital and in-person solutions that support the total well-being of individuals. LifeWorks has around 7,000 employees and about 25,000 clients in over 55 industries, including technology, medical and pharmaceuticals, banking and finance, hospitality and consulting.
The acquisition was completed by way of a plan of arrangement. Telus Health is now one of the largest companies providing digital-first health and wellness services and solutions, empowering individuals to live their healthiest lives. As noted by Darren Entwistle, President and CEO of Telus, Telus is one of the largest health technology companies in the world. The newly expanded organization will equip employers across the globe with world-leading digital health and wellness solutions for their employees that are convenient, innovative and highly effective.
LifeWorks enables employers to provide the best wellness experience to their employees, thus enhancing talent acquisition and retention while also improving business performance. The transaction also creates a global digital health and wellness leader, giving employees access to high-quality, proactive healthcare and mental wellness services. Lastly, the acquisition allows for continued innovation and market share growth through the solid financial backing of Telus and significant cross-selling synergies between its respective organizations.
Author: Jacky Jesin-Neuberger