Spring Health's Acquisition of Alma

New York – January 29, 2026 – Cooley advised Spring Health, a top global mental health platform for employers and health plans, on its agreement to acquire Alma, a membership-based platform that helps independent mental health clinicians accept insurance and build thriving private practices.

This acquisition unites two category leaders to address the most persistent challenges in mental health. Today, Spring Health supports more than 50 million lives through employers and health plan mental health benefits. The company has experienced sustained momentum over the past three years, with a compound annual growth rate exceeding 80%, underscoring its ability to meet growing demand and rising expectations for accessible, outcome-driven mental healthcare. Alma’s platform enables clinicians to care for more than 120 million lives through contracts with national payers, as well as several regional plans.

Bill Roegge, Robert Warshaw, Nathan Baum and Sacha Ross led the Cooley team advising Spring Health, with support from Sarah Buchik, Michael Bruno, Rebecca Siegel and Ethan Ebert-Zavos.

Cooley previously advised Spring Health on its $100 million Series E with a valuation of $3.3 billion in July 2024, $71 million Series D in April 2023, $190 million Series C in September 2021, $76 million Series B in November 2020 and $22 million Series A in January 2020.

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