Source: CNN

26/10/2020

Health startup iMedicine has sold 100% of its operation to competitor Conexa. The hammer was hammered on Friday (23) and the deal was valued at about $16 million, according to CNN Business.

The company was founded in 2017 and a year later sold a 25% stake to venture capital fund Cedar, which also decided to exit the operation in this sale to Conexa. iMedicina should end the year with revenues of R$4 million – and the valuation used to close the deal was four times the annual revenue. ADVERTISEMENT

The deal was brokered by the mergers and acquisitions consultancy Target Advisor and the law firms Fialho Sales on the iMedicina side and LNRG on the Conexa side. CNN Business reached out to both companies, but iMedicine declined to comment and Conexa did not return contact.

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Conexa is one of the healthtechs, as health startups are known, most on the rise in the market, according to experts. With a focus on B2B, they work directly with companies like Itaú, Dasa, and Cacau Show, and always in telemedicine.

Among the specialties the company serves are kargology, psychiatry, and general practitioners. In February of this year, the company received a capital injection from the investment fund e.bricks Ventures.

The healthtech market is hot, especially in mergers and acquisitions. With the pandemic leaving many people locked indoors, the number of telemedicine appointments has grown (as has the release of previously forbidden remote care itself). The release, however, is still provisional.

This month, the health-focused education group Afya bought the digital health platform iClinic, a competitor of iMedicine, for R$183 million.