Less pitch, more purchase
Last week’s flurry of digital health acquisitions stood out amid a quieter few days for funding. Sword acquired Kaia Health to expand in the U.S., establish a foothold in Germany via the DiGA pathway, and add digital pulmonary rehab to its MSK platform (alongside reports of a ~$500M funding round). Wisp bought TBD Health to broaden beyond virtual-only care into diagnostic testing and in-person sexual health services. Spring Health announced plans to acquire Alma, bringing in-network therapist supply and payer-connected provider infrastructure into its platform. And NOCD acquired Rebound Health to extend beyond its OCD-specialty virtual model into PTSD.
The trend reinforces what we noted in our year-end funding report: capital is increasingly concentrated among a smaller group of scaled companies, while many others face tighter constraints on growth. For companies with traction, M&A can be the faster, more predictable route to expansion—buying proven models without the time and uncertainty of building.
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