BARCELONA, SPAIN; WESTWOOD, MA; AND LONDON, UK – Global growth equity investor Summit Partners today announced that Advance Medical, a leading global provider of telehealth services, has been acquired by Teladoc (NYSE: TDOC), the international leader in virtual care. Summit made a minority investment in Advance Medical in January 2018.
Founded in 1999 by Marc Subirats and Carlos Nueno, Advance Medical is a worldwide leader in telemedicine and expert medical opinion services. The acquisition of Advance Medical expands Teladoc’s international footprint, broadens its breadth of medical services and its physician network, and extends the company’s market leadership.
“From the early days of our relationship, Summit distinguished itself as a productive and knowledgeable partner,” said Marc Subirats, Co-founder and Co-CEO of Advance Medical. “With a deep understanding of the global healthcare landscape and extensive, growth-focused operational expertise, Summit was able to deliver immediate, tangible value to our business.”
“Over the three years preceding their investment, Summit took the time to truly understand our business and provided valuable perspective as Advance Medical navigated a period of strong growth and expansion,” added Carlos Nueno, Co-founder and Co-CEO of Advance Medical. “We are excited for this next stage of the company’s development and the opportunity to further extend the reach of our services as part of Teladoc.”
“Carlos, Marc and the rest of the Advance Medical team have built an impressive, patient-centric business dedicated to improving access to high-quality healthcare regardless of geography,” said Thomas Tarnowski, a Managing Director with Summit Partners. “It has been a great pleasure building a strong relationship with this team over the past few years, watching the business evolve and supporting their vision of delivering a comprehensive virtual care solution to patients and companies around the world.”
Teladoc completed its acquisition of Advance Medical on May 31, 2018. The purchase price consists of approximately $292 million in cash and $60 million of Teladoc common stock.
About Advance Medical
Founded in 1999, Advance Medical is a worldwide leader in telemedicine and expert medical opinion services, employing more than 800 dedicated health professionals worldwide, including over 400 medical doctors and nurses, who collaborate with a network of more than 50,000 leading experts around the world to improve patient care. Partnered with more than 300 large, multinational employers and insurers across Europe, Asia, Latin America and the U.S., Advance Medical has built an integrated portfolio of high quality telehealth and expert medical opinion solutions, including Global Care on Demand, and the Virtual Medical Home.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in healthcare & life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable healthcare & life sciences investments include DentalPro, HealthSun Health Plans, HealthCare Partners, Independent Vetcare, MDVIP, Modernizing Medicine, Nighthawk Radiology and Wellcentive. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.