Sun Life invests $32.7 million in Dialogue
July 29, 2020
TORONTO – Sun Life has announced a strategic commercial partnership and $32.7 million equity investment in Dialogue, a leading Canadian telemedicine provider. Sun Life will hold a minority ownership in Dialogue with rights to acquire additional equity.
This round of financing also includes follow-on investments by existing backers Caisse de dépôt et placement du Québec (CDPQ), Portag3 Ventures, White Star Capital, HV Holtzbrinck Ventures, First Ascent Ventures and Walter Ventures. National Bank Financial Inc. acted as financial advisor to Dialogue in this financing.
“The need for Canadians to have alternative ways to access healthcare continues to grow,” said Dave Jones (pictured), senior vice-president, group benefits, Sun Life Canada. “Virtual care is an important part of the future of Canadian healthcare. The combination of innovative technology and the necessity of social distancing during the pandemic has rapidly changed the virtual healthcare landscape. Our investment in Dialogue represents Sun Life’s commitment to helping Canadians live healthier lives through access to healthcare, whenever and wherever they need it.”
“Virtual care will remain an essential resource now and in the future,” said Cherif Habib, CEO of Dialogue. “While we navigate the changing healthcare landscape, Dialogue is proud to provide a virtual healthcare service that is easy, convenient and helps keep Canadians safe at home. Having strong support from partners such as Sun Life allows us to remain focused on providing quality care and expanding our services to help millions of Canadians stay healthy.”
Virtual care, which provides access to medical practitioners in the comfort of home, helps people continue to physically distance and alleviate pressure on the Canadian healthcare system. Since the pandemic started, Dialogue has seen a sharp increase in usage of the virtual care service. The collaboration between Sun Life and Dialogue gives Canadians virtual access to medical care and connects them directly with a healthcare professional from anywhere in the country, at any time. The investment follows Sun Life’s roll out of Lumino Health Virtual Care, powered by Dialogue in March 2020.
Lumino Health Virtual Care
Lumino Health Virtual Care is offered to Sun Life Group Benefits Clients with an Extended Healthcare (EHC) benefit. The virtual care service is powered by Dialogue and connects Canadians with local healthcare providers. Clients can easily connect to the Lumino Health Virtual Care service through a mobile app or online. Once connected, the service will triage a Client before providing direct access to a nurse or physician. The service provides Clients with acute physical and mental healthcare, similar to medical services provided at a primary care clinic. A multi-disciplinary team will review symptoms, provide an assessment, create a personalized care plan, write prescriptions, and make referrals to specialists or in-person care if necessary.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2020, Sun Life had total assets under management of $1,023 billion. For more information, please visit www.sunlife.com.
About Dialogue Technologies Inc.
Dialogue is a leading Canadian telemedicine provider pioneering virtual healthcare dedicated exclusively to the world’s leading organizations. We drive real health outcomes through amazing healthcare experiences, an employee engagement playbook, and a relentless focus on patient safety and security. For more information, please visit www.dialogue.co.