A King of Prussia company is buying Talkspace, which provides virtual therapy
The acquisition is valued at $835 million and is expected to close later in the year.
Universal Health Services Inc., the King of Prussia-based firm that operates hospitals and behavioral health sites, is acquiring mental healthcare company Talkspace, which allows patients to do therapy via video call and text message.
The $835 million deal was announced Monday.
The acquisition allows Universal Health Services “to expand access and offer more flexible, stepped solutions to address the growing demand for behavioral healthcare,” CEO Marc Miller said in a statement.
Universal Health Services has tried to grow its outpatient behavioral health business, but it’s been difficult to find enough therapists given the demand in the industry, Steve Filton, the company’s CFO said at a conference on Monday.
Patients often need continuing care after they are discharged from a behavioral facility, added Filton, and now Talkspace can fill that need for Universal Health Services’ patients.
Universal Health Services, a Fortune 500 company, reported $17.4 billion in revenue in 2025. The company and its subsidiaries have some 101,500 employees.
Talkspace, which was founded in 2012, brought in $229 million in revenue last year and provided 1.6 million behavioral health appointments, the company reported. The firm has a network of over 5,000 licensed healthcare providers, including therapists and psychiatric professionals.
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Talkspace CEO Jon Cohen called the acquisition the “next logical step in expanding access to affordable, high-quality mental healthcare by integrating outpatient virtual care into a modern behavioral health ecosystem.”
Universal Health Services has healthcare facilities throughout the U.S. and the United Kingdom. It operates 168 outpatient sites, and through its subsidiaries operates 29 inpatient acute-care centers and 346 inpatient behavioral health sites. The company has seven psychiatric care sites in the Philadelphia area.
Talkspace is available to over 200 million people through their health insurance or as a benefit from their employer or school. The virtual mental health service is available in all 50 states, Washington D.C., and Puerto Rico.
The acquisition is expected to close later in 2026 as long as it wins approval from Talkspace shareholders and regulatory agencies.