NEW YORK--(BUSINESS WIRE)--D.A. Davidson & Co. announced today that it has served as exclusive financial advisor to WISP in its $41 million majority stake acquisition by WELL Health Technologies Corp. (TSX: WELL), an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. The transaction value implies an approximate enterprise value of $77 million for WISP.
Founded in 2018 and headquartered in San Francisco, WISP offers budget-friendly telehealth access for primary care, prescription medication and natural remedies to all humans regardless of health insurance. WISP specializes in female focused online reproduction and sexual health treatment with a primary focus on more personalized, convenient and easier care. To date, WISP has provided care for over 200,000 patients across all 50 states within the U.S.
“Healthcare is undergoing a dramatic shift towards consumerism,” said Greg Hartlein, director in D.A. Davidson’s Technology Investment Banking Group. “WISP is leading in this transformation, specifically in women’s health, enabling a unique experience from consult to treatment without leaving the comfort of home. We were thrilled to partner with the WISP team on this important transaction, which further highlights the on-going demand for these types of innovative delivery models in the marketplace.”
“Digital Health is a core vertical of our Technology practice,” said Joe Morgan, co-head of D.A. Davidson’s Technology Investment Banking Group. This transaction highlights our dedicated focus and deep domain knowledge of the category. We look forward to partnering with other market leaders across the Healthcare IT ecosystem.”
The acquisition will expand WELL’s current telehealth services and add a new e-pharmacy component to the WELL network. Globally, the women’s health market is a $30+ billion industry and this transaction will establish WELL as an emerging women’s health services provider in the U.S.
“WISP has grown over the years through a strong appreciation for its customers and their needs,” said Matthew Swartz, founder and CEO of WISP. “With the help and dedication of the D.A. Davidson team, we were able to find a partner that shares this appreciation, and together with WELL, we will continue to innovate, invest in and expand our services to new customers in new markets.”
D.A. Davidson’s technology investment banking practice is one of the most active middle market groups in the United States having advised on over 50 advisory and public equity transactions representing more than $20 billion in value since January 2021.
D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.
Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states.
Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For information, visit dadavidson.com.