Wellteq Digital Health Inc. (CSE: WTEQ, OTCQB: WTEQF) increases its investment into sleep solution capabilities, as one of its four behavioural levers of health coaching.
Wellteq has signed a perpetual license agreement for sleep chronotype assessments and education content from one of Asia Pacific’s leading sleep technology companies.
Wellteq intends to promptly integrate newly licensed sleep assets into the existing corporate health solution and accelerate development of clinical sleep solutions.
Initial transaction terms have been adjusted downward from AU$600,000 to CA$70,000 to reflect the unrestricted perpetual license versus an acquisition.
This license accelerates Wellteq’s sleep assessment and coaching capabilities by an estimated 12 months.
Sleep market revenues are accelerating and projected to reach US$137.16 billion by 2026 which would exceed the current market for corporate wellness by 100%.
VANCOUVER, British Columbia, October 21, 2021--(BUSINESS WIRE)--Wellteq Digital Health Inc. (CSE:WTEQ) (OTCBB:WTEQF), (the "Company" or Wellteq"), which supplies digital health and wellness solutions to customers in 12 languages across 30 countries is pleased to announce, that further to the Company’s News Release of June 8th 2021, Wellteq has completed the execution of a perpetual license agreement for sleep chronotype assessments and educational content from with one of Asia Pacific’s leading sleep technology providers. Under the perpetual license, Wellteq has unrestricted usage rights in relation to the assets of the license.
Wellteq focuses on coaching its subscribers within the four levers of behavioural health – activity, nutrition, mindset, and sleep. The Company recognises the existing importance of sleep within established occupational Health and Safety divisions of industries where fatigue-related accidents can cause serious injury, fatality, and significant direct and liability costs. Industries such as aviation, logistics, mining, construction, and oil and gas have had dedicated divisions to combat this risk for decades. Wearables such as Apple Watch (NASDAQ: AAPL), Fitbit (NASDAQ: GOOG) and Garmin (NASDAQ: GRMN) and data driven health providers such as Wellteq are rapidly advancing solution capabilities for these traditional enterprise customers and for a new generation of customers in the insurance and healthcare sectors.
The COVID-19 pandemic has contributed to a rising prevalence of sleep disturbance from conditions like insomnia, stress and anxiety which directly impact fatigue, burnout and exhaustion across almost all vocations, it’s no longer limited to just blue-collar sectors. The total addressable market for employee sleep solutions is rapidly growing and projected to reach revenues of USD 137.16 Billion by 2026. Wellteq’s sophisticated coaching programs across activity, nutrition, sleep and mental health is strongly positioned to be an industry leader within the digital sleep solution markets across the corporate and healthcare industries.
Wellteq CEO, Scott Montgomery stated, "As previously articulated, sleep is an area of high focus within our corporate development strategy because of its horizontal importance across the continuum of care from wellness to clinical care. The COVID-19 pandemic has increased the prevalence of sleep disruption effecting people in their personal lives and their job roles. Wellteq is investing capital through development, licensing, partnerships and acquisition to rapidly advance our sophisticated sleep solutions and support our revenue growth model.
About Wellteq Digital Health Inc.
Wellteq Digital Health Inc. is a leading global provider of personalized digital health and wellness solutions across the continuum of care. To learn more, visit http://www.wellteq.co.
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