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Aussie start-up purchased for $1.6b US health giant Hims & Hers has snapped up Australian telehealth start-up Eucalyptus for $1.6 billion, netting CEO Tim Doyle a personal windfall of $163 million. In a statement, Mr Doyle said the acquisition means Eucalyptus would be looking at a “new future”. “By joining Hims & Hers, we will help more people globally believe in the future of healthcare: simple, high-quality, personal, and designed to help prevent disease, instead of merely treating it,” Mr Doyle said. “We’ve spent seven years helping customers around the world find the care that fits them, and we believe today’s news will be part of accelerating the movement towards affordable healthcare for everyone that feels like a luxury.” Eucalyptus’ flagship brand Pilot sells weight loss treatment, hair treatment and erectile dysfunction services to men, while Juniper is a female-targeted online platform combining GLP-1 medications with diet coaching. Eucalyptus also runs a fertility service called Kin. The organisation capitalised on the uptick in Telehealth services during COVID-19 and now has 775,000 customers. The company was valued at $1.4 billion in its latest funding round with the offer from Hims & Hers proving too valuable to pass up. Andrew Dudum, founder and CEO of Hims & Hers, said the acquisition was made as the company looked to expand internationally. “We’ve shown the difference that makes in the US, and the logical next step is working with more international experts to make that difference abroad,” said Mr Dudum. “With Eucalyptus, we will not only enter new markets, we will expand our ability to serve customers globally, trusting local experts to be a key part of how we transform healthcare into a customer-first, personalised industry. “We believe this puts us on the path to becoming the leading global consumer health platform, where everyone can access the best care for their needs, regardless of where they live.” |
