Wellteq Digital Health Inc. (CSE:WTEQ, OTCQB:WTEQF) has completed the execution of a perpetual license agreement for sleep chronotype assessments and educational content with one of Asia Pacific’s leading sleep technology providers.
Under the agreement, Wellteq said it 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 said it recognizes 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.
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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, Fitbit (NYSE:FIT), and Garmin 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 coronavirus (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 US$137 billion by 2026. Wellteq’s sophisticated coaching programs across activity, nutrition, sleep, and mental health are strongly positioned to be an industry leader within the digital sleep solution markets across the corporate and healthcare industries.
“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,” said Wellteq CEO Scott Montgomery in a statement.
“The COVID-19 pandemic has increased the prevalence of sleep disruption affecting 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.”
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