Spring Health announced it has entered into an agreement to acquire Alma, bringing together two mental health companies on opposite sides of the care-delivery equation: Spring Health’s employer and health plan benefit platform and Alma’s membership model that helps independent clinicians accept insurance and operate in-network private practices.
The deal aims to address persistent friction points in mental health care, including difficulty matching people to the right level of care and disruptions that can occur when a person’s coverage changes due to employment or life circumstances. Spring Health said it expects the combination to deepen value across the mental health ecosystem by pairing its technology and specialty care capabilities with Alma’s payer relationships and provider infrastructure.
Spring Health said it supports more than 50 million lives through employers and health plan mental health benefits and has posted a compound annual growth rate exceeding 80% over the past three years. Alma said its platform enables clinicians to care for more than 120 million lives through contracts with national payers, as well as several regional plans.
Under the proposed structure, Spring Health CEO April Koh will remain CEO. Alma CEO Harry Ritter will continue as CEO of Alma, which will operate within Spring Health. The companies said both businesses will remain focused on serving their respective customers while benefiting from shared innovation, resources, and technology.
Spring Health positioned the acquisition as an expansion of its AI-enabled and outcomes-focused model, saying it plans to extend capabilities across personalization, administrative automation, and clinician experience while emphasizing safety, privacy, and provider relationships. The company said the transaction would strengthen its ability to scale access over time and accelerate product innovation as demand for mental health services continues to outpace supply.
The acquisition is expected to close in Q2 of 2026, subject to customary closing conditions.
Support: J.P. Morgan Securities and Cooley are advising Spring Health, while MTS Health Partners, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian are advising Alma.
KEY QUOTES
“Spring Health has helped millions of people access high quality care through their employers and health plans with industry-leading clinical outcomes, but there is more work to do. By bringing our companies together, we can deliver care that is accessible, effective, and connected at unprecedented scale.”
April Koh, Co-Founder and CEO, Spring Health
“Alma has focused on empowering clinicians to deliver high-quality, in-network care over the long term. Joining Spring Health accelerates our ability to support clinicians with industry-leading technology while improving quality, experience, and outcomes for members and health plan partners.”
Harry Ritter, Founder and CEO, Alma
