Sun Life Financial Inc. has entered into a definitive agreement to acquire Dialogue Health Technologies Inc. for roughly $365 million.

The insurer initially invested in the virtual-care platform in 2020 and subsequently expanded the relationship as a large shareholder and partner. Dialogue will maintain its head office in Montreal and will continue to operate as a stand-alone entity of Sun Life Canada, with oversight from a new board of directors comprised of senior executives from both organizations.

“In recent years, Dialogue has developed a strong relationship with Sun Life,” said Cherif Habib, chief executive officer of Dialogue, in the release. “This transaction represents an attractive opportunity for the company’s stakeholders.

Read: Dialogue acquiring U.K.-based health and wellness platform

“As a stand-alone entity backed by Sun Life, Dialogue will have more resources to deliver on our mission of helping people improve their health and well-being and the flexibility to continue to deliver on our mission by leveraging the respective strengths of both organizations.”

In the release, Jacques Goulet, president of Sun Life Canada, said the acquisition is a natural step forward in Sun Life’s relationship with Dialogue. “Dialogue and Sun Life are perfectly aligned in our commitment to provide innovative digital solutions to support the health-care needs of Canadians. We look forward to collaborating with Dialogue in the years ahead to unlock more innovative solutions to empower Canadians on their health journey.”

The transaction, which is expected to close in the fourth quarter of 2023, is subject to obtaining the required shareholder, court and regulatory approvals, as well as other customary closing conditions.

Read: Dialogue expanding services with new employee assistance program