M&A advisory for telemedicine & telehealth companies
Telehealth M&A reactivated through 2024 and into 2025 as the post-pandemic correction reset valuations and clarified which models were durable. Health systems integrating virtual care channels, payer corp dev teams absorbing condition-specific platforms, larger telehealth operators consolidating subscale players, and PE-backed multi-site provider groups extending into virtual care now cover most of the active buyer base. Diligence has tightened around payer mix, provider supply and contracted revenue durability, and the deals that close cleanly tend to have defensible employer or payer pipelines rather than DTC-only models.
The active buyer set is led by the payers and PBMs - UnitedHealth/Optum, CVS Health, Cigna/Evernorth and Humana - absorbing condition-specific virtual care to round out in-network coverage, the large health systems integrating virtual channels alongside in-person care, the employer benefits aggregators rolling up virtual-care offerings, and the PE-backed multi-site provider groups extending into virtual care. Flow has direct access into this buyer set.
Flow team has relevant sector experience and has worked with telehealth companies across DTC virtual care brands, employer and payer-contracted virtual primary care, condition-specific virtual specialty clinics, hybrid in-person plus virtual networks and asynchronous prescribing-led platforms.
"Telemedicine & telehealth" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing telemedicine & telehealth M&A targets
Active patients
Visits per month
Net revenue per visit
Active providers
Provider utilisation
Payer mix
Claims paid rate
Days in AR
Patient retention
Contribution margin / visit
Telemedicine & telehealth valuations in May 2026
Public telemedicine & telehealth comps trade at 2.0x EV/Revenue. Median revenue multiple across telemedicine & telehealth M&A deals was 2.3x in the last 12 months.
2.0x
Median EV/Revenue as of May 2026 for public telemedicine & telehealth companies
13x
Max Healthcare Institute is the highest valued public telemedicine & telehealth company based on EV/Revenue (excluding outliers)
2.3x
Median EV/Revenue across telemedicine & telehealth M&A deals in the last 12 months
12x
Median EV/Revenue across telemedicine & telehealth VC rounds in the last 12 months
Key recent telemedicine & telehealth M&A deals
$1.1B acquisition of Eucalyptus by Hims & Hers was the largest telemedicine & telehealth M&A transaction completed in the last year.
See all telemedicine & telehealth M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | Eucalyptus |  | - | Hims & Hers | $1.1B | 2.6x | |
Mar-26 | Talkspace |  | Talkspace Inc is a behavioral healthcare company offering access to licensed therapists, psychologists, and psychiatrists through its technology platform. It serves clients including health plans, enterprises, and individual subscribers. Therapists address various mental health conditions, while psychiatrists cater to a higher acuity demographic. Revenue stems from payor and direct-to-enterprise clients, with contracts lasting one to three years. The majority of the Company’s operations and revenues are based in the United States. | Universal Health Services | $835M | 3.6x | |
Sep-25 | Thirty Madison | | Thirty Madison is a New York-headquartered virtual healthcare provider treating chronic conditions through specialized brands. Keeps addresses hair loss with prescription treatments, Cove manages migraines, Nurx handles birth control and STIs, and Picnic offers allergy remedies. The company contracts with Aetna, Cigna, and employers like Hilton to deliver covered telehealth services nationwide. | Remedy Meds | $500M | 2.3x | |
Jun-25 | ZAVA |  | ZAVA is a London-headquartered telehealth provider offering online consultations with general practitioners across the UK, Germany, France, Ireland, and Scandinavia. Patients submit medical questionnaires for conditions like erectile dysfunction, contraception, and hair loss, receiving prescriptions and discreet deliveries without in-person appointments. Follow-up doctor support remains available post-treatment. | Hims & Hers | $450M | - | |
Dec-25 | HotDoc | | HotDoc is a Sydney-based healthcare technology company offering an online platform for real-time medical appointment booking. Founded in July 2012, it connects patients with a nationwide network of healthcare providers in Australia, streamlining supply and demand in the medical sector. The service equips health professionals with tools to manage schedules efficiently and enhances patient access to care. | Potentia Capital | $382M | 19x | |
Nov-25 | Xealth | | Xealth is a Seattle-based digital health platform founded in 2015 that enables Providence Health and Kaiser Permanente to prescribe apps, wearables, and content from electronic health records. Providers recommend tools from a library of 300 vetted solutions, with patient data flowing back for analytics. The system tracks engagement across 50 organizations, optimizing care pathways for chronic diseases and wellness programs. | Samsung | $115M | - | |
Mar-26 | Ostro | | Ostro is a Miami-based health engagement platform founded in 2019. It delivers personalized digital journeys for life sciences brands connecting patients, healthcare providers, and pharma companies. Features include content delivery, adherence tracking, and analytics for medications in oncology, cardiology, and rare diseases. | Veeva | $100M | - | |
Jul-25 | The Villages Health | | The Villages Health is a primary and specialty care network serving The Villages retirement community in Central Florida. With over 35 primary care physicians and specialists in cardiology, orthopedics, and neurology across 15 clinics, it coordinates patient care through an integrated electronic health record system. | CenterWell Senior Primary Care | $68M | 0.2x | |
Aug-25 | Ieso Digital Health |  | Ieso Digital Health is a Cambridge, United Kingdom-based provider of internet-delivered cognitive behavioral therapy for anxiety and depression, treating NHS patients through text-based sessions with licensed therapists. The platform serves over 50,000 users since 2014 with outcomes published in The Lancet, expanding to U.S. partnerships. | Mindler | $27M | - | |
Oct-25 | SteadyMD | | SteadyMD is a St. Louis-based telehealth platform delivering infrastructure for enterprise healthcare providers across all 50 U.S. states. It supplies a network of over 1,000 licensed clinicians covering primary care, mental health, and chronic disease management via secure video and asynchronous tools. Partners like DispatchHealth and Wheel integrate SteadyMD's white-label solutions for rapid program launches, including regulatory compliance and 24/7 clinician staffing. Founded in 2016, the company expanded from direct-to-consumer concierge services to B2B scalability, powering virtual care for hospitals and insurers with HIPAA-compliant technology stacks. | DocGo | $25M | 1.0x | |
Mar-26 | Oops |  | Oops provides online medical consulting services for erectile dysfunction treatment. | Ceres | $23M | 1.4x | |
May-25 | Ezovion |  | Ezovion Health Care is a digital healthcare platform serving providers in India, Asia, Middle East, and Africa. Solutions include hospital information management systems, clinic software, EMR, telemedicine, PACS, pharmacy management, laboratory systems, inventory tracking, and patient engagement tools with AI/ML and IoT integration. Hyderabad-headquartered, it manages full hospital ecosystems from outpatient to inpatient care. | QuantumNexis | $5.7M | - | |
Jan-26 | Telemedik | | Telemedik employs healthcare professionals to deliver health-related services and experiences. | Firstsource Solutions | $3.0M | - | |
May-26 | P | Perx Health (US operations) | | Perx Health (US operations) is a digital health platform. Perx Health (US operations) manages chronic diseases and supports treatment adherence for patients in the United States. | Clutch | - | - |
May-26 | CancerRounds | | CancerRounds runs a virtual hospital for oncology patients, linking them to doctors, hospitals, and treatment options for full care support. | Vaidam Health | - | - |
Most active buyers of telemedicine & telehealth companies
Fabric, CoachCare and Hims & Hers are the most active acquirers of telemedicine & telehealth companies in the last three years.
See all telemedicine & telehealth acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Fabric | | Fabric is a health technology company automating patient intake and care coordination for clinics and hospitals. Its platform digitizes scheduling, virtual visits, and billing through mobile-first interfaces modeled on consumer apps. Based in New York City, Fabric integrates with EHR systems like Epic and has deployed to over 200 providers. The solution cuts administrative time by 40 percent for primary care and urgent care settings. | UCM Digital HealthTeamHealth VirtualCareMeMD+2 | 5 | |
CoachCare | | CoachCare is a New York-based remote patient monitoring platform tracking weight, BMI, and activity via apps, scales, and pedometers. Since 2014, it connects users to dietitians for chronic care management in 50+ clinics across the US. | MD RevolutionVitalTechRevolution Health Solutions+1 | 4 | |
Hims & Hers | | Hims & Hers is a San Francisco-headquartered telehealth platform connecting patients with licensed providers for treatments in hair loss, erectile dysfunction, mental health, dermatology, and weight management. Founded in 2017 and public on NYSE since 2021, it serves 1.5 million subscribers through its proprietary electronic health record system. Partnerships with Ochsner Health, Mount Sinai, and Privia Health enable hybrid virtual and in-person care, with Hers brand launched in 2018 expanding women's health options like skincare and birth control. | EucalyptusLivewellZAVA | 3 | |
LXE Hearing | | LXE Hearing is a global provider of hearing wellness solutions emphasizing affordable devices and services. The company distributes personal sound amplification products alongside diagnostic tools and telehealth consultations. LXE Hearing targets underserved markets with direct-to-consumer models and partnerships in clinics worldwide. | EargohearX GroupLexie Hearing | 3 | |
Commure | | Commure is a San Francisco-headquartered healthcare technology company that delivers an interconnected platform for hospital and health system operations. Its suite of applications includes ambient AI-assisted clinical documentation, revenue cycle automation, staff safety monitoring, and care coordination tools. The platform integrates seamlessly with electronic health record systems through partnerships like the MEDITECH Alliance and enables enterprise-wide AI deployments such as ambient scribing and clinician workflow automation. Commure supports provider networks by offering licensing, implementation services, and content integration to streamline clinical and administrative workflows across large-scale organizations. | Memora HealthAugmedixAthelas | 3 | |
Net Health | | Net Health is a Pittsburgh-based developer of cloud-based electronic health record systems tailored for specialty medical practices in post-acute care settings from hospitals to home health. Its interoperable EHR platforms cover wound care, therapy rehabilitation, pain management, and hospice services, ensuring regulatory compliance and workflow automation. Net Health integrates with major hospital systems and supports documentation, billing, and outcomes tracking. Backed by The Carlyle Group, Level Equity, and Silversmith Capital Partners, the company equips providers in skilled nursing facilities and private practices across the United States. | Keet HealthLimberAlinea Engage | 2 | |
TailorCare | | TailorCare is a Nashville-headquartered specialty care platform targeting joint replacement, spine surgery, and musculoskeletal conditions. It employs predictive analytics and evidence-based protocols to match patients with optimal treatment paths like physical therapy or surgery. The service assesses symptoms, medical history, and preferences to improve outcomes and reduce costs for orthopedic practices. | StablRecoveryOne | 2 | |
Teladoc | | Teladoc Health Inc is engaged in virtual care, forging a new healthcare experience with improved convenience, outcomes, and value. Its mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. It operates in Teladoc two segments Health Integrated Care and BetterHelp segments. The majority of its revenue is generated from access fees on a subscription basis (per member, per month). The balance comes from visit fees and equipment rental and sales to hospital systems. | TelecareUpliftCatapult Health | 2 | |
Medichecks | | Medichecks is a UK-based at-home health testing service specializing in personal blood analysis. Customers order kits for finger-prick sampling, receive lab-processed results online, and access physician-reviewed reports. The company covers biomarkers for hormones, vitamins, cholesterol, and inflammation, partnering with NHS-accredited labs. London-headquartered since 2014, it processes thousands of tests monthly for preventive health insights. | My Menopause CentreLeger | 2 | |
Rocket Doctor AI |  | Rocket Doctor AI Inc delivers physician-built, AI-powered solutions designed to make high- quality healthcare accessible throughout the entire patient journey. A cornerstone of the company's proprietary technology is the Global Library of Medicine (GLM), a clinically validated decision support system developed with input from hundreds of physicians world-wide. Alongside the GLM and its AI-powered digital health platform and marketplace. The group empowers over 300 MDs to provide care to more than 700,000 patients. Itsproprietary technology software and systems enable doctors to independently launch and manage their own virtual or hybrid in-person practices - improving efficiency, restoring autonomy to MDs, and expanding patient access to care. | Alea HealthRocket Doctor | 2 |
Founders and investors we've worked with
We've supported winning builders across telemedicine & telehealth and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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