Talkspace, the popular online therapy app, is working with a financial adviser to arrange a possible sale, according to a report [paywalled] from Bloomberg that cites “people with knowledge of the matter”. It’s said that Talkspace could fetch a price of up to $1 billion in a sale, not bad for a company that’s backed by a total of $110 million in outside funding.

According to Bloomberg, Talkspace has attracted acquisition interest from healthcare and technology firms and also blank-check firms. 

Talkspace is an online therapy app that offers online access to a network of over 5,000 licensed therapists on a platform that it says is crucially compliant with the US Health Insurance Portability and Accountability Act (HIPAA). The HIPAA is a federal statute signed into law in 1996 that stipulates protection of health information for medical clients and patients.

As a company, Talkspace is backed by a group of investors including Norwest Venture Partners, Spark Capital, Qumra Capital, SoftBank, and Revolution Growth. The company is based in the city of New York.

Talkspace Founders Toni and Oren Frank. Photo credit: Talkspace

Talkspace was founded by a couple, Oren and Toni Frank, in 2012. As the story goes, Roni and Oren had a good experience with couples therapy in their marriage and sought to broaden that access to other couples. They started Talkspace originally as a group therapy platform but have since overseen its evolution into a service offering both group and individual psychotherapy from a large network of licensed practitioners.

Talkspace is available via an app and on the broader web to users over the age of 13. It operates on a subscription basis, beginning from as low as $65/week.

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