ICAS World stakes its claim in $121 billion mental health and wellness market with acquisition of Hello Tomo
25th May 2021, London: ICAS World Ltd (ICAS), a leading global provider of mental health and employee wellness services has acquired the NHS-commissioned mental health tech startup, Hello Tomo. The acquisition is the first major milestone for ICAS as it rolls out its new global digital health strategy, tapping into the $121 billion mental wellness market and expanding its support for the 790 million people around the world currently affected by a mental health condition.
Founded in 2016, Hello Tomo helps users build and maintain healthy habits to manage depression, anxiety and their overall mental health. The app encourages users to create an anonymous peer support community through photo sharing and helps people to form positive associations between their actions and feelings to improve self-management, build resilience and reduce the risk of acute episodes.
The pandemic had a significant impact on people’s mental health and this was reflected in Hello Tomo’s user base which has grown by 1,700% over the last 12 months. The app, which is commissioned by NHS wellbeing service Good Thinking and free at the point of use across greater London, currently has 20,000 active users. Data shows an average improvement of 14% in symptoms of depression after 12 weeks of use, effectively moving them out of a diagnosable range of the symptoms of depression.
Hello Tomo will become part of ICAS’ portfolio of mental health and wellbeing solutions and its existing customers will gain access to the Group’s unparalleled network of 80,000+ clinicians for coaching and therapy. ICAS expects the acquisition to deliver significant growth opportunities and benefits to existing ICAS customers by leveraging Hello Tomo’s technologies, skills and expertise in developing globally transcendent digital mental health and wellbeing solutions.
Commenting on the acquisition, Andrew Davies, CEO, ICAS, said:
“We are delighted to welcome Hello Tomo’s team, technology and customers to the ICAS family. We already support more than 2400 companies and 6.5 million employees and their families through our global network. By blending Hello Tomo’s entrepreneurial spirit and technical capabilities with our expertise, heritage and global reach, we hope we can give even more people the tools they need to better manage and protect their mental health.
There is a huge need to leverage smart technology to solve these big global health challenges. ICAS is working with ambitious, entrepreneurial teams that want to grow their technology products as part of the ICAS ecosystem. Hello Tomo and its founding team is the first in a series of strategic acquisitions as we continue to drive forward our digital transformation.”
Gus Booth-Clibborn, CEO and co-founder, Hello Tomo and newly appointed Head of Digital Transformation for ICAS said:
“Hello Tomo has gone from strength to strength since its launch and is now at the point where it can scale. I’m grateful that I can remain a part of Hello Tomo and continue working with the wonderful team, while joining ICAS to lead its digital transformation. The opportunity to work with people with a clinical background and a shared vision to bring new mental health tech products to a global market cemented the decision to sell Hello Tomo and I’m looking forward to the journey ahead.”
The financial details of the deal remain undisclosed.
About ICAS World
ICAS World Ltd, acquired by ROX Equity Partners in 2020, has 34 years of experience in contributing to the mental health and performance of employees and organisations, with services provided through high-tech digital platforms, mobile applications, call centres and an extensive global provider network of professionals and consultants. Through our global network, we support more than 2400 companies and 6.5 million employees and their families. We provide professional counselling services 24/7, 365 days a year through a network of 43 local offices delivering services in 185 countries using more than 80 000 mental health affiliates.
ICAS’ unique approach to employee mental health and wellbeing combines our extensive global capability with the local knowledge and expertise of our in-country operations to create an exceptional customer experience and to meet the demand for convenient and easy access to appropriate care. Our innovative solutions enable clients to access a broad range of high-quality mental health and wellness services in the location and language of their preference – quickly and easily – and our bespoke tech ecosystem drives high levels of engagement, personalisation, and customisation.
ICAS remains at the forefront of developments in the field of employee health and wellbeing. It is run by a diverse group of people who are looking to build a better, smoother, and more exciting future for all. We are driven by the values of innovation and collaboration and have a single common goal: to make quality mental health services available to all at an affordable rate.
About Hello Tomo
Using Behavioural Activation Therapy, a leading third generation therapy derived from Cognitive Behavioural Therapy, Tomo delivers digital health technologies that create lasting change. Tomo won a Solve Brain Health Fellowship with MIT in 2017, and won an AXA Health Tech & You Award in 2019. An independent study by Professor Daniel Frings at London South Bank University in 2018 found Tomo improves mental health outcomes.
Hello Tomo raised £1m in pre-seed (2017) and seed rounds (2019) led by Activate Capital, the company was the first company to complete Activate Capital’s startup lab in 2016
Based in London, Tomo was founded in 2016 by Gus Booth-Clibborn and Fahad al Saud. The team is a mix of leading clinicians, technical developers and designers. Head to www.hellotomo.co.uk to learn more.
Tomo was released in 2018 and is available in the App Store and Google Play Store.