Afya Limited Announces Medicinae’s Acquisition

March 25, 2021 5:06 PM EDT

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NOVA LIMA, Brazil and MINAS GERAIS, Brazil, March 25, 2021 (GLOBE NEWSWIRE) -- Afya Limited, or Afya (Nasdaq: AFYA) today announced the acquisition of 100% of the total share capital of Medicinae, a leading Brazilian healthcare technology company that specializes in healthcare payments and financial services, through its wholly-owned subsidiary Afya Participações S.A.

The acquisition will expand Afya’s digital health services, as it offers a unique financial platform that allows healthcare professionals all over Brazil to manage receivables in an efficient and scalable way using FIDC (Receivables Investment Fund). Medicinae relieves a number of challenges in the healthcare payments industry, as reduces long payment cycles for professionals and consolidates financial information, improving the consumer financial experience.

“This acquisition will give us advantages to enhance our digital services offerings, as it solves healthcare professionals financial challenges. Combining Medicinae solution with Afya’s scale, we will be able to grow it faster and continue to offer the best suite of services for physicians in Brazil,” said Virgílio Gibbon, Afya’s CEO.

Medicinae has more than 1,420 registered users, R$ 76.0 million in annualized transactions and has gown 11x revenue since 2018.

The aggregate purchase price is R$ 5.6 million (Enterprise Value) of which 100% paid in cash as the date hereof.

About Afya

Afya is a leading medical education group in Brazil based on number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers students and physicians to transform their ambitions into rewarding lifelong experiences from the moment they join us as medical students through their medical residency preparation, graduation program, continuing medical education activities and their daily practices with digital products.

Contact: Investor Relations:

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Source: Afya

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