Telemedicine

Teladoc buys virtual care provider Advance Medical for $352M

The $352 million deal will help Teladoc expand its global footprint and increase its service offerings.

business deal

Purchase, New York-based Teladoc has scooped up Advance Medical in a $352 million deal aimed at expanding its global footprint and increasing its service offerings.

Founded in 1999 and headquartered in Westwood, Massachusetts, Advance Medical is a virtual care company with offices around the globe, including locations like London, England; Shanghai, China; Sao Paulo, Brazil and Barcelona, Spain.

Through the recently announced deal, the combined company has more than 2,000 employees. It can bring care to people in 125 countries in more than 20 languages. Not only will the new entity give individuals faster access to care, but it will also help serve the large number of U.S. multinational employees living outside America.

Additionally, acquiring Advance Medical brings new capabilities to Teladoc’s line of services, such as clinical risk assessment and virtual medical home.

“The acquisition of Advance Medical by Teladoc really is continuing our efforts to deliver on our vision to transform how people access care globally,” Teladoc CMO Lewis Levy said in a recent phone interview.

In a news release, Carlos Nueno, co-founder of Advance Medical, commented on what the deal brings to his company.

“We share Teladoc’s belief that a virtual care solution should be comprehensive in nature, and provide answers and outcomes for people regardless of their location or medical condition,” he said. “Our clients have increasingly demanded high-quality virtual care at scale, and now we have the ability to bring this meaningful change to the healthcare system.”

Nueno and fellow co-founder Marc Subirats will join Teladoc’s executive team and continue to oversee Advance Medical’s business outside the United States.

Levy also noted that the acquisition speaks to the broader emphasis on telemedicine. “We believe that this deal will accelerate the inevitable growth of virtual care delivery overall,” he said.

There are multiple point solutions in the virtual care realm, Levy added, but “the combined company now creates the first and only global comprehensive virtual care platform.”

Teladoc has been working to boost its international game for a while now. Last June, it bought second opinion service Best Doctors in a $440 million deal. In addition to helping expand its global reach, the acquisition was intended to provide telemedicine cross-selling opportunities for both companies.

In recent years, the Purchase company has made numerous other acquisitions. In 2016, it secured HealthiestYou, which specializes in mobile patient engagement. It acquired telehealth company AmeriDoc in 2014 and Consult-a-Doctor, which works with small- and medium-sized employer health plans, in 2013.

Correction: This story previously stated the deal was for $325 million. It has been adjusted to reflect the actual amount of the acquisition, which is $352 million. We regret the error.

Photo: appleuzr, Getty Images

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