Afya Limited, or Afya (Nasdaq: AFYA) today announced the acquisition of 100% of the total share capital of Cliquefarma, a health tech company operating a free-to-use website that tracks prescription drugs, cosmetics, and personal hygiene product prices in Brazil.
Users of Cliquefarma can easily search for medications or healthcare products and compare prices from over 5,000 pharmacies in Brazil. The traffic generated is monetized through a cost-per-click model, where drugstores pay for each click on their ads.
“The acquisition of Cliquefarma will enhance our Digital Prescription pillar, creating the opportunity to leverage traffic and GMV with prescriptions generated from Afya’s Physician Ecosystem. As an example, iClinic’s prescriptions generated in 2020 totaled 3.4 million.
We are also very pleased that Angelo Alves and Cezar Machado, Cliquefarma’s founders, will join Afya’s Digital team bringing more than 25 years of experience in the health tech market,” said Virgílio Gibbon, Afya’s CEO.
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In 2020 Cliquefarma generated traffic of 20 million visitors and R$ 43.2 million in GMV (Gross Merchandise Volume), the latter representing a 52.9% growth compared to 2019.
The aggregate purchase price is R$ 19 million (Enterprise Value) of which 84.2% paid in cash and 15.8% is paid in Afya stocks as the date hereof. An earn-out of R$ 3 million can be paid related to product development. This aggregate purchase price is equivalent to a 4.1x gross revenue multiple for 2021 expected gross revenue.
Source: Biospace
