UnitedHealth Group's Optum subsidiary is close to pinning down a deal to acquire virtual therapy provider AbleTo for $470 million.
The two are in advanced talks, according to a report in CNBC. The news comes as the demand for telemedicine is heating up amid the COVID-19 pandemic.
UnitedHealth has made several acquisitions of late that it folded into Optum. The diverse subsidiary, which includes a massive pharmacy benefit manager, physician services and hospitals and various technology platforms, is a key source of financial growth for the company.
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Optum made a significant investment in AbleTo in January 2019 through its venture capital arm.
At the time, Stephen Renfro, principal at Optum Ventures, said AbleTo is "changing the way people access and experience behavioral health care."
“AbleTo’s behavioral health solutions have a meaningful effect on total cost of care, productivity and overall well-being,” Renfro said.