Afya (AFYA) Acquires Glic

Afya Limited, or Afya (Nasdaq: AFYA) today announced the acquisition, through its wholly-owned subsidiary Afya Participações S.A, of 100% of Glic.

Glic is a free diabetes care and management app solution for physicians and patients that uses technology to improve diabetes education and daily routine practices, connecting users, devices and health providers.

Glic has more than 90.000 active end-users, and more than 1.100 physicians using the app. The company expects R$3.7 million of gross revenue for 2022.

This business combination represents the entering into the physician-patient relationship pillar and further strengthens Afya's digital services strategy and ecosystem.

The aggregate purchase price (enterprise value) paid to sellers was R$22 million, of which 100% was paid in cash. An earn-out of up to R$12 million can be paid, R$9 million related to revenue goals established for 2023 and 2024, and R$3 million related to product development and integration.

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