Florida-based angel investor group New World Angels said Thursday that it has sold its portfolio company Consult A Doctor to Teledoc. No financial terms were disclosed for the transaction, which closed on August 30, 2013. Headquartered in Miami, CADR is a provider of 24/7 patient access to licensed physicians anywhere.
Boca Raton, FL (PRWEB) September 26, 2013
New World Angels (NWA), Florida’s premier structured angel investor group, is pleased to announce that one of its holdings, Consult A Doctor (CADR), was sold to Teledoc Inc., closing on August 30, 2013.
NWA participated in several investment rounds beginning in December 2009. CADR, a telehealth company founded in 2007, offers patients around-the-clock access to licensed physicians anytime, anywhere. Teledoc, the acquiring company, is the nation’s first and largest telehealth provider with more than 6 million members.
“We are excited to announce this exit, which reaped for our members an attractive return on invested capital. We have NWA’s deal team, our dedicated members, and the engaged board members of CADR to thank for all the effort required to bring this one to the finish line at the right price, on the right terms,” asserted Rhys L. Williams, President of NWA.
Jack Karabees, Consult A Doctor President and CEO at the time of the transaction, stated that, “As the first structured investment group to commit funds to our company and co-leading our initial investments, New World Angels was decidedly instrumental to our success today.”
“This acquisition marks a milestone for Teladoc by expanding our offerings and capabilities to new market segments,” said Jason Gorevic, Teladoc’s CEO. Teladoc’s acquisition of Consult A Doctor allows the company to expand its unique service offerings and continue to grow and bring innovative solutions to the marketplace.
About New World Angels
Founded in 2003, New World Angels is a group of private investors dedicated to providing equity capital to early-stage entrepreneurial companies with a significant presence in the state of Florida. NWA has chapters in South Florida and the Tampa Bay area and is typically a lead or co-investor in transactions ranging between $500,000 and $3 million.
Consult A Doctor is a leading innovator of cloud-based telemedicine services and technology platform solutions empowering organizations to lower healthcare costs and to provide revolutionary access to licensed physicians.