Halifax’s Tranquility Sold To Green Shield Canada
HALIFAX—The fourth-largest health benefits provider in Canada has bought a Halifax startup for an undisclosed amount.
Green Shield Canada announced today it has acquired the digital mental health platform Tranquility.
Tranquility is an online platform that aims to help people better manage mild or moderate anxiety and depression. Using an app or computer, clients are matched with a coach who helps them through a series of Cognitive Behavioral Therapy (CBT) exercises.
The company was founded in 2017 by Joel Muise, after the public health system let him down as he struggled with his own depression and anxiety.
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Shortly after news of the acquisition broke August 11, Muise told Huddle he was relieved and excited to finally share the news.
“People ask me how I feel and the super honest answer for me is relieved,” he said.
“Being the co-founder and CEO of a startup is a lot of stress and responsibility: I felt responsible for making sure that I do right by my investors, because they gave me their hard-earned money, and my team because I’m the one who’s paying [their wages].
“For me, it was always about how do I get more money? And now we can focus more on how do we make our product even better,” he said.
Muise said Covid-19 has illuminated the importance of mental health care and that the effects of the pandemic will carry on long after it’s over. A lot of companies recognize that and see CBT as one of the most affordable, accessible, and timely ways to address Covid-related anxiety and depression.
Because of that, around the end of 2020 Tranquility found itself with several companies interested in an acquisition.
Muise says Green Shield was the best choice.
“Our decision wasn’t even based on the best price,” he says. “We got a fair price for the company but our decision was based on who we want to work with [and] we loved what Green Shield wants to do with Tranquility.”
In its announcement today, Green Shield said it bought Tranquility to complement its recent acquisition of the digital mental health provider Inkblot, as well as build on partnerships with other digital health providers.
The company says Inkblot and Tranquility will work together in the coming months to build “a full-service digital mental health offering.”
Muise says he’s excited to see Tranquility fit into a larger product that will offer a complete “continuum of care” that addresses a wide range of health issues.
Earlier this year, Muise told Huddle he hoped to eventually sell Tranquility to provincial governments so it would be free for everyone through the public healthcare system.
“I personally believe that when Canadians talk about having free health care that we actually mean we have free health care… Basically, our dream is that we have as many clients as want to use it and that none of the actual end-users ever have to pay for this,” he said.
August 11, Muise said the Green Shield acquisition makes winning those government contracts easier.
“We believe, and they believe, that by working together, we have a better chance of winning those contracts,” he says.
He added that he’s also excited that Tranquility will eventually be covered for millions of Canadians through their health insurance benefits.
Tranquility’s leadership team will stay on, continuing to operate the business under the Tranquility brand. The company will also remain located in Halifax.
Right now, Tranquility is recruiting parents to take part in a research study. Parents or caregivers experiencing anxiety or a low mood can sign up and get free access to Tranquillity
More information is available here.