Spring Health, a New York company that sells mental health benefits to employers and health plans, said on January 29, 2026, that it had agreed to acquire Alma, a membership platform that helps independent therapists accept insurance and run their own practices.
The companies did not disclose financial terms. They said the deal was expected to close in the second quarter of 2026, subject to customary conditions. Spring Health later said the acquisition closed on May 1, 2026.
Alma keeps its name and its founder and chief executive, Harry Ritter, who will run it as a business inside Spring Health. April Koh, Spring Health's co-founder and chief executive, leads the combined company. Both businesses said they would keep serving their existing customers and payer contracts.
What Alma built
Alma sells memberships to therapists and other mental health clinicians in private practice. Its software handles the administrative side of a practice: getting paid by insurers, billing, scheduling, client referrals and continuing education. The aim is to let clinicians work in-network with insurers without joining a large group.
Clinicians on Alma can see patients covered by more than 120 million lives through contracts with national insurers and several regional plans, according to the announcement. Spring Health said those national contracts include Aetna, Anthem, Cigna and UnitedHealthcare. HMP Global reported that Alma's network has about 26,000 providers.
The network has grown quickly. When Alma raised money in 2022 it had about 8,000 providers, more than three times as many as a year earlier, and they were licensed in all 50 US states, according to Thoma Bravo.
“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.”
Why Spring Health is buying
Spring Health offers therapy, coaching, medication management, self-guided tools and specialty care, mostly through employers. It says more than 50 million people have access to its services and that its business grew at a compound annual rate above 80% over the past three years. Its customers include Target, Microsoft, Pfizer, BlackRock and Highmark.
The company said the main reason for the deal is continuity of care. People often lose their therapist when they change jobs or insurance, and Spring Health wants members to be able to keep the same provider as their coverage changes. Combining an employer-paid benefit with a network that bills health plans could make that possible, the companies said.
Together the two companies reach more than 170 million people and have more than 40,000 providers, Spring Health said. Spring Health also said it would extend its AI-based tools to Alma's clinicians, with the stated goals of personalising care and cutting paperwork.
The founders and the funding
Alma was founded in 2018 by Harry Ritter. In August 2022 it raised a $130 million Series D led by Thoma Bravo, with Cigna Ventures joining and existing investors Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners and Sound Ventures taking part. That brought its total funding to more than $220 million. Earlier backers included First Round Capital, BoxGroup and Rainfall Ventures.
Spring Health is itself venture-backed. It raised a $100 million Series E in 2024 at a $3.3 billion valuation, bringing its total funding to $466.5 million, according to Cooley and Behavioral Health Business. Its investors include Generation Investment Management, Kinnevik, RRE, Northzone and Tiger Global. PitchBook has named it a potential 2026 IPO candidate, Behavioral Health Business reported.
J.P. Morgan Securities advised Spring Health on the deal, with Cooley as legal counsel. MTS Health Partners advised Alma, with Gunderson Dettmer as its legal counsel.
What happens to customers
Spring Health told employers that their contracts, pricing, implementation and support would stay as they are, and that no action was needed on their side. Clinicians on both networks keep their current tools and client relationships, and Alma's membership terms were not changed by the deal, Behavioral Health Business reported.
From August 1, 2026, Alma began operating as "Alma, part of Spring Health," according to Spring Health. The companies forecast about 10 million mental health visits in 2026, HMP Global reported.
