The largest telehealth provider in the U.S., Teladoc, is increasing its presence in the global market with a $352 million purchase of Advance Medical, a virtual care provider based in Spain.
The price tag includes $292 million in cash and another $60 million in Teladoc stock. As part of the deal, Advance Medical co-founders Marc Subirats and Carlos Nueno will become executives within Teladoc and continue “to lead the Advance Medical business outside the U.S.”
“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,” Teladoc CEO Jason Gorevic, CEO said in a statement. “This acquisition advances our strategy to continually expand our product portfolio, as well as our operational footprint in attractive global markets.”
With the acquisition completed on May 31, the combined companies employ more than 2,000 people and provide services in 125 countries, expanding Teladoc’s presence in Latin American and Asian markets.
Teladoc had already controlled 75 percent of the telemedicine market in the U.S. by 2017 and has continued expanding, acquiring virtual consultant company Best Doctors for $440 million last year. Despite some hiccups with state policies on telehealth, the global market is expected to grow rapidly, reaching $48.8 billion by 2023.