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Converge International

Successful acquisition of HeadUp Labs and associated investment from the Victorian Business Growth Fund (managed by Roc Partners).

Henslow acted as M&A advisor on the acquisition of HeadUp and concurrently as Lead Manager on an associated Investment from the Victorian Business Growth Fund. The acquisition of HeadUp is a strong fit with Converge’s digital product growth strategy, creating a fully integrated and holistic preventative workplace mental health, safety, wellbeing and engagement product. The VBGF investment is overseen by private equity manager ROC Partners and funds raised were used to fund the acquisition and support future growth.

Australia’s most established B2B workplace mental health and wellbeing service provider

Following the events of Covid-19, demand for mental health support in the workplace has never been more important and requires an increasing focus for organisations across Australia. Converge is uniquely placed to capture significant structural tailwinds.

The Highlights

  • $3.2b+

    Mental Health Services Market in Australia

  • 2m+

    Employees Covered

  • 22%

    Australian Market Share

A partnership with greater scale

Prior to the investment, Converge was 100% owned by Reventure, an Australian not-for-profit. Reventure was founded in the 1950s to help servicemen with alcohol dependencies return to work. As part of the capital raise, Henslow advised Reventure on a partial sell-down of its shareholding, allowing Converge to retain future earnings to fund its growth initiatives. HeadUp was founded by Glenn Riseley and David Partiff, as a complete physical and mental wellbeing platform designed to track physical and mental health risk factors. Both founders have remained with the business and become part of the senior leadership team at Converge. This newly formed partnership is uniquely placed to capture significant structural such as changes in technology and government policy which are driving demand for mental health and wellbeing services.

“From the commencement of the engagement with Henslow, we were delighted by the speed with which Henslow was able to grasp Converge’s vision and strategy, understand and provide advice on the “buy” vs “build” options and identify highly synergistic value-adding acquisition opportunities, the best sources of capital, and act on behalf of Converge to progressively finetune the approaches and support the buy-side and investor negotiations. At all times Henslow provided Converge with advice that was proactive, wise, and transparent. It has been a genuine partnership which we look forward to continuing with Henslow as we seek further M&A opportunities to support our growth”

Terry Winters, Chairman, Converge International