Teladoc, Inc. has acquired Advance Medical, one of the largest virtual care providers outside of the U.S., the companies announced this week.
“With a broadened international footprint and the ability to offer an expanded set of clinical services worldwide, the combination creates the only global comprehensive virtual care platform capable of serving companies and people everywhere,” the companies said in a press release.
Under the terms of the agreement, the purchase price consists of approximately $292 million in cash and $60 million of Teladoc common stock, totaling $352 million. Advance Medical generated approximately $17 million of revenue for the first three months of 2018, and is expected to generate in excess of $74 million of revenue in 2018, according to officials.
Meanwhile, Teladoc ranked 51st this year in the Healthcare Informatics 100, a ranking of the top 100 health IT vendors based on previous fiscal years’ revenues. Teladoc came in with a 2017 health IT-based revenue of $233.3 million.Founded in 1999 and based in Spain, Advance Medical has partnered with more than 300 large, multinational employers and insurers across Europe, Asia, Latin America and the U.S. The company has more than 450 doctors on staff.
“Today we bring together two companies who, by consistently putting the consumer first, have proven the transformative power of offering full-spectrum virtual care solutions,” said Jason Gorevic, CEO, Teladoc. “This acquisition advances our strategy to continually expand our product portfolio, as well as our operational footprint in attractive global markets.”
