LifeWorks acquisition to turn Morneau Shepell into global well-being player
Published by: LifeWorks,
Morneau Shepell’s recent acquisition of LifeWorks is a key part of the company’s plan to become a global player in the well-being space, according to president and CEO Stephen Liptrap.
In a TV studio interview with BNN Bloomberg, Liptrap said that Morneau Shepell was moving away from being only seen as a Canadian organisation to being “much more of a global company”.
The acquisition of LifeWorks is “very complementary on a geographic basis,” Liptrap said, “giving us a strong presence in Canada, the US, the UK and Australia.”
With Morneau Shepell stock experiencing over 36% growth in the last 12 months and the company boasting a strong cashflow, Liptrap said the firm is investing heavily in well-being by building out its portfolio of services.
“We spent the last seven to eight years doing a deep dive in terms of clinical support,” Liptrap said. “How do we help people? How do we provide 24/7 access to counsellors? How do we provide access through chat or let people book sessions with counsellors online?” he said.
“What LifeWorks did is go much broader across the HR spectrum and what they have is very complementary from a technology perspective. LifeWorks enables recognition in the workplace, it enables CEOs and CHROs to communicate their key messages to people and it allows them to offer perks and savings.
“So what we have now is a cloud-based app that people go to every week for support on everything from counselling for serious mental health issues, to help with eldercare, physical fitness support and everyday recognition in the workplace,” he said.
With the LifeWorks purchase being “more significant” than Morneau Shepell’s typical acquisitions, Liptrap said the company is now in “a good place to help people around the world in a very meaningful way.”