Teledoc acquires Advance Medical for $352M in cash, stock
Teledoc is expanding its footprint for delivering virtual health services worldwide, announcing that it has bought Advance Medical, which offers telemedicine in countries outside the U.S.
The acquisition will enable Teledoc to deliver care in 125 countries through 20 different languages, and will expand its platform offering to provide services such as a virtual medical home and clinical risk assessment.
The deal is valued at $352 million, with Teledoc using a combination of $292 million in cash and stock valued at $60 million to buy Advanced Medical. The combined company will have more than 2,000 employees.
The acquisition is the latest in a series of purchases by Teladoc of virtual health companies. Most recently it bought Best Doctors, which it termed a major step in globalizing the company.
Growth in Teledoc’s ability to provide care outside of the U.S. is particularly aimed at multinational companies , which have an estimated 14.1 million employees in foreign countries, says Lewis Levy, MD, chief medical officer of Teledoc. Company data suggest that more than a third of these workers typically wait four weeks or more for certain types of care, such as seeing a specialist.
With the addition of Advance Medical’s clinical and operational expertise in markets such as Latin America and Asia, where private health insurance growth rates are more than double that of the U.S., Teladoc is positioned to further accelerate the global adoption of virtual care, says Jason Gorevic, Teledoc’s CEO.
The acquisition of Advance Medical adds a suite of expanded services to Teladoc’s platform, including virtual medical home and clinical risk assessment. The acquired company adds offices in eight locations around the globe, particularly in high-growth markets such as China and Brazil. And it brings expansion in the number of global customers, with more than 300 large, multinational employers and insurers across Europe, Asia, Latin America and the U.S.