Summit Partners has acquired a minority stake in Advance Medical, a provider of telehealth services. No financial terms were disclosed.
BARCELONA, SPAIN; WESTWOOD, MA; AND LONDON, UK (January 22, 2018) – Advance Medical, a leading global provider of telehealth services, today announced a minority investment from Summit Partners. The funding will be used to support Advance Medical’s continued growth and international expansion.
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. Advance Medical’s life-changing benefit programs cover more than 35 million people in over 125 countries through partnerships with large employers, leading insurers, and other groups.
“Advance Medical was founded with a mission to improve patient access to leading medical experts regardless of distance or borders,” said Marc Subirats, Co-founder and Co-CEO of Advance Medical. “Our platform allows us to deliver the highest quality medical advice and support to improve patient outcomes. We are excited to partner with Summit in our next stage of growth as we continue to expand our platform and global network.”
Carlos Nueno, Co-founder and Co-CEO of Advance Medical added, “Summit has significant experience partnering with high growth companies in both healthcare and technology and offers tremendous resources focused on accelerating expansion. We look forward to collaborating with the Summit team to build on the momentum we have achieved and to further establish our position as a global leader in the telehealth market.”
“With a best-in-class clinical platform, Advance Medical efficiently delivers high-quality remote care and expertise to patients across more than 125 countries in over 20 languages,” said Thomas Tarnowski, a Managing Director with Summit Partners. “We are proud to partner with the Advance Medical team. They have built a truly global business that we believe effectively leverages technology to improve patient outcomes while lowering healthcare costs. We are delighted to work with the team to help further expand the company’s services throughout the world.”
About Advance Medical
Advance Medical is one of the largest, physician-based telemedicine providers, offering employers and insurers the ability to provide top-quality, concierge-level medical advice and support to patients around the globe via offices in the U.S., Europe, Asia, and South America. Founded in 1999, Advance Medical has emerged as the global leader in expert medical opinions because of its programs executed exclusively by board-certified physicians – doctors who speak by phone or video consultation with every patient, no matter what the issue or concern and for as much time as necessary, to provide best-in-class medical expertise. For more information, visit www.advance-medical.net.
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 460 companies in healthcare & life sciences, technology and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 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.