Benzinga | May 18, 2021 09:30AM EDT

DarioHealth Scoops Up Digital Behavioral Health Platform For $30M

* DarioHealth Corp (NASDAQ: DRIO) has agreed to acquire PsyInnovations Inc (dba wayForward), a behavioral health digital platform, for $30 million.

* wayForward is currently providing its full suite of digital behavioral health services to approximately 20,000 members and 20 self-insured employers.

* Under the merger agreement, Dario has agreed to pay $30 million, with $25 million due at closing and a future contingent payment of up to $5.0 million if behavioral health revenues from the Company exceed a certain threshold in 2022.

* The upfront component of the purchase price will be paid by a combination of $6.0 million in cash and $19 million in shares of Dario common stock.

* Dario will issue approximately 891 thousand common shares at the closing.

* Price Action: DRIO shares are down 0.27% at $14.64 in the premarket session on the last check Tuesday.