PARIS | March 19, 2019 – Teladoc Health (NYSE: TDOC), the global leader in virtual care, announces its agreement to acquire Paris-based telemedicine provider MédecinDirect. By combining the breadth of virtual care services of Teladoc Health with the strong, established local medical operations of MédecinDirect, the company is poised to capitalize on positive market conditions to bring the benefits of virtual care to more individuals across France. Drake Star Partners acted as the exclusive financial advisor to MédecinDirect on this transaction.
“With a continued focus on our global expansion, we will now become the market leader in France with the ability to have an immediate impact on healthcare delivery in the country,” stated Carlos Nueno, president, Teladoc Health International. “On the successful foundation built by MédecinDirect, we will bring our full suite of virtual care services to multinational clients who have been eager to expand.”
Similar to many countries around the world, France also faces the growing demand for convenient access to high-quality healthcare. Consumer awareness of virtual care is on the rise, and the recent positive regulatory changes regarding virtual care reimbursement make the market ripe for virtual care adoption. With more than 40 leading insurance partners and nearly half of the top 30 private medical insurers (PMIs) in France, MédecinDirect has a well-established client base that can now benefit from access to a much broader spectrum of clinical services.
“We have had great success in the virtual care market, and now together with Teladoc Health we can meet more care needs for more individuals, and ultimately help improve healthcare across the country,” said Francois Lescure, CEO and co-founder, MédecinDirect. “We share Teladoc Health’s vision for what the healthcare experience should be and look forward to transforming how people access healthcare.”
“It was a pleasure accompanying MédecinDirect’s managers and shareholders in this meaningful transaction in a dynamic market,” stated Lawrence Giesen, Partner at Drake Star Partners.
The acquisition is expected to close during the first half of the year and terms will not be disclosed. The organization will become the French country unit of Teladoc Health, adding to existing operations in the U.K., Australia, Canada, Spain, Portugal, Hungary, China, Chile and Brazil. The closing is subject to regulatory approval and the acquisition will be immaterial to Teladoc Health’s financial results.
Drake Star Partners’ team: Lawrence Giesen
MédecinDirect is an accredited and mobile platform of medical expertise. Secure and completely confidential, doctors are committed to answering all medical questions by telephone and Internet seven days a week. The company’s headquarters are situated in Paris and it was co-founded in 2008 by François Lescure and Marc Guillemot. MédecinDirect has a leading role in AI development for the creation of relevant tools aimed at optimizing the medical management of patients using teleconsultation.
About Teladoc Health
A mission-driven organization, Teladoc Health, Inc. is successfully transforming how people access and experience healthcare, with a focus on high quality, lower costs, and improved outcomes around the world. The company’s award-winning, integrated clinical solutions are inclusive of telehealth, expert medical opinions, AI and analytics, and licensable platform services. With more than 2,000 employees, the organization delivers care in 130 countries and in more than 30 languages, partnering with employers, hospitals and health systems, and insurers to transform care delivery.
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About Drake Star Partners
Drake Star Partners is a global investment banking firm serving the technology, media, and communications sectors (TMC) with offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Geneva, Singapore*, and Dubai*. The firm focuses on M&A and corporate finance for its clients worldwide. Drake Star Partners completed over 400 transactions since 2004, 70% of which are cross-border.
Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160) which is authorized and regulated by the Financial Conduct Authority. © 2016 Drake Star Partners Limited.