Rockstart portfolio company iClinic acquired by Afya Limited for €27.9m
Today Rockstart announces the acquisition of iClinic, one of its portfolio companies from 2013. The acquisition was made by Afya Limited who executed the purchase and sale agreement for the acquisition of 100% of the total share capital of iClinic, through its wholly-owned subsidiary Afya Participações S.A. This exit gives Rockstart a 20+ times return on its investment in iClinic from 2013.
iClinic is a SaaS model physician-focused technology company and the leading medical practice management software in Brazil. They empower doctors to be more independent and have more control over their careers by digitalizing their daily routine. The data can be accessed from any device, anywhere, improving the quality of patient care. The application is available for physicians, dentists, psychologists, physical therapists and other health professionals. iClinic solutions include Electronic Medical Record, Clinical Management System, Telemedicine and Physicians Marketplace with 16 million registered patients.
“We’re incredibly proud of the entire iClinic team. When we met and worked with the team in 2013, it was the early days for iClinic with only a small number of users and a few paying customers and over the last seven years, the team has consistently executed and have built an impressive company. This is once again a clear proof-point that investing in the superstar founding teams is the best route for success when investing in early-stage startups as Rockstart does.” Rune Theill, Rockstart CEO
“We founded iClinic to empower doctors with technology in their day-to-day activities so they can improve their patient experience and provide high quality healthcare to their patients. Being part of Rockstart was a gaming-changing moment for iClinic and the first inflexion point in our history. It provided us for the first time the ways to achieve our big vision and showed how far we would be able to go.” Felipe Lourenço, iClinic’s CEO.
“With the acquisition of iClinic to our platform, if and when the transaction is concluded, Afya will make another step to becoming the one stop shop for physicians in Brazil. Besides medical and health education courses and a clinical decisions app, we will enter a new segment that helps physicians manage their clinics and provide a better service to their patients.” Virgílio Gibbon, Afya’s CEO.
The aggregate purchasing price is €27.9m out of which 61.5% will be paid in cash, and 38.5% will be paid in Afya’s class A common shares.
Afya is a leading medical education group in Brazil based on a number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers students to be lifelong medical learners from the moment they join us as medical students through their medical residency preparation, graduation program, and continuing medical education activities.
iClinic is a SaaS model physician-focused technology company and the leading medical practice management software in Brazil. They empower doctors to be more independent and have more control over their careers by digitalizing their daily routine. The data can be accessed from any device, anywhere, improving the quality of patient care.
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