When Stephen Smith started NOCD 11 years ago, he wanted to build an app for people like himself—one of the 8.2 million Americans with obsessive-compulsive disorder (OCD)—to track their symptoms and time their therapy exercises.
Since 2018, NOCD (pronounced “No-CD”) has provided virtual appointments with therapists specializing in OCD-focused exposure and response prevention (ERP) therapy. With more than 140 million people able to access NOCD through their insurance, the company currently provides at least 1 million therapy sessions annually.
Now, NOCD—last valued at nearly $270 million in 2024, according to PitchBook—is making an acquisition and forming a parent brand that will position it as the largest telehealth provider of specialty therapy.
The company on Tuesday announced its acquisition of Rebound Health, a self-guided mental health platform focused on post-traumatic stress disorder (PTSD) and trauma. The deal—the financial terms of which weren’t disclosed—took place in November 2025.
Starting today, both companies will operate under Noto, a parent brand that takes its name from the AI-powered software platform that has fueled NOCD’s growth.
Rebound’s specialized focus on PTSD and trauma care will be integrated into Noto’s platform, which Smith says will help both companies reach more patients and expedite the process of getting them support.
A common pairing
In 2022, Smith and his team noticed there was a significant subset of NOCD users who suffered from both OCD and PTSD. Those individuals, he says, benefit from a treatment called prolonged exposure (PE) therapy, which asks patients to confront memories in order to process them.
Like ERP, PE is an exposure-based method of treatment, so NOCD trained about 100 of its 1,000 therapists to specialize in PE therapy.
By 2025, Smith felt confident that PE had proven effective and useful for NOCD’s patient base. “We saw that that segment [of therapists] was delivering best-in-class outcomes,” he says. Given the results, he felt a need to scale the treatment as quickly as possible.
That’s where Rebound Health comes in. Founded in 2023, the company focuses on PTSD and trauma, and has primarily supported patients when a therapist is not immediately available to them due to timing or cost.
Under Noto, it will launch Rebound Therapy, a live therapy offering that will be available in the next two months. Noto is in the process of working with payers to enroll patients in Rebound Therapy, and the service should be available to most Rebound and NOCD users as a covered benefit sometime this year.
Revving a growth engine
With the Rebound acquisition expanding NOCD’s scope, Smith wanted to create a parent brand that highlights the technology that has helped the company grow to the point that it logged its first quarter of positive cash flow last year.
“Noto is essentially the engine of the NOCD vehicle,” he says. Through awareness campaigns that target both consumers and providers, Noto is able to identify patients who have OCD but may have been misdiagnosed and miscoded in a medical system, then enroll them in a NOCD care plan.
Noto’s data also showed that offering PE therapy to NOCD patients experiencing PTSD resulted in long-term improvement in their mental health.
When looking for the right business to help scale NOCD’s PE capabilities, Smith says Rebound stood out because CEO Raeva Kumar has personal experience with PTSD, and her cofounder and chief product officer, Erin Berenz, has clinical experience treating the disorder. Smith says the two saw the acquisition as an opportunity to get live therapy to their users.
“With Noto, we’re able to easily work with payers, enroll hard-to-engage members, and disseminate gold-standard trauma therapy,” Kumar said in a press release about the acquisition.
“[Rebound] realized that they could offer scale therapy in a much shorter amount of time on the Noto infrastructure, because we already had it all built,” Smith says, suggesting Noto may add more therapy areas as it grows. “We built this incredible foundation serving a complex, hidden, but treatable population. In the future, we realize there could be more.”
