Lifeco takes over Montreal firm with 900 employees and practitioners
Sun Life Financial Inc. has entered into a definitive arrangement agreement to acquire all the issued and outstanding shares of Dialogue Health Technologies Inc., a health and wellness virtual care platform.
The acquisition is complementary and beneficial to the two organizations as they share a purpose of helping Canadians live healthier lives, says Dialogue in a press release. As a core strategic pillar of Sun Life Canada, Dialogue will continue to execute its strategic plan and grow its business. Furthermore, the company will continue to provide a premium service to all its customers and distribution partners, who will continue to have access to Dialogue's services and capabilities and will benefit from the continued innovation resulting from the combined strengths of both organizations.
“In recent years, Dialogue has developed a strong relationship with Sun Life. This transaction represents an attractive opportunity for the company's stakeholders,” says Cherif Habib, chief executive officer of Dialogue. “As a standalone entity backed by Sun Life, Dialogue will have more resources to deliver on our mission of helping people improve their health and well-being, and the flexibility to continue to deliver on our mission by leveraging the respective strengths of both organizations.”
Sun Life first invested in Dialogue in 2020 and subsequently expanded the relationship as a shareholder and partner. In fact, Dialogue was conceived as the first company in Sun Life’s venture building, Diagram. Today, the Montreal, QC-based company has over 900 employee and practitioners and is available to more than six million Canadians.
Dialogue will maintain its Montreal head office and continue to operate as a standalone entity of Sun Life Canada, with oversight from a new board of directors comprised of senior executives from Sun Life and Dialogue. The transaction is not subject to any financing condition and is expected to close in the fourth quarter of 2023, subject to obtaining the required shareholder, court, and regulatory approvals, and the satisfaction of other customary closing conditions.
