Sun Life becomes minority owner of Montreal-based telemedicine business Dialogue

Sun Life becomes minority owner of Montreal-based telemedicine business Dialogue
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MONTREAL — Dialogue Technologies Inc. says it has formed a partnership with Sun Life Financial Inc. that will see the insurance provider become a minority owner of the telemedicine business.

Montreal-based Dialogue says the commercial partnership involves a $32.7-million equity investment and gives Sun Life rights to acquire additional equity later.

The announcement is part of a $43-million round of financing from Dialogue’s existing backers Caisse de depot et placement du Quebec, Portag3 Ventures, White Star Capital, HV Holtzbrinck Ventures, First Ascent Ventures and Walter Ventures.

Dialogue provides virtual access to medical care in Canada and connects users directly to health-care professionals across the globe at any time of day.

The company says the COVID-19 pandemic and physical distancing measures have triggered a sharp increase in usage of its virtual care services.

The deal comes after Sun Life rolled out access in April to Lumino Health Virtual Care, a platform powered by Dialogue that allows users to connect with medical professionals digitally.

This report by The Canadian Press was first published July 29, 2020.

Companies in this story: (TSX:SLF)

The Canadian Press

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