DOCTOLIB acquired by ATHOS CONSORTIUM / A.P. MOLLER HOLDING
Context
This transaction was a significant secondary market operation, providing liquidity to early stakeholders rather than raising new capital for the company. The deal was structured to allow historical business angels and long-term employees to sell a portion of their vested shares, enabling them to realize a return on their investment and involvement since the company's inception. Concurrently, it created an entry point for a select group of new institutional investors to acquire a stake in the company without causing dilution to existing shareholders. The new investors, including Generation Investment Management, A.P. Moller Holding, and Athos KG, were specifically chosen for their deep expertise in the healthcare and technology sectors, their strong European footprint, and their alignment with the company's long-term, mission-driven strategy. This strategic diversification of the shareholder base occurred shortly after the company announced it had reached profitability, signaling a new phase of mature growth. The operation did not result in any changes to the company's governance, board composition, or strategic direction, underscoring the stability of its leadership and vision as it continues its international expansion and investment in AI technologies.
It is worth noting that the fund Bpifrance / Eurazeo took control of Doctolib through an LBO in 2022.
DOCTOLIB, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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Target
Doctolib is a European digital health and artificial intelligence technology company headquartered in France. Founded initially as an online platform for booking medical appointments, the company has since evolved into a comprehensive provider of software-as-a-service (SaaS) solutions for the healthcare industry. Its integrated suite of tools is designed to support healthcare professionals and facilities by streamlining administrative and clinical workflows. Key offerings include practice management software, electronic patient records, secure digital communication tools, billing and claims processing, and telehealth services. The company also develops AI-powered assistants to help with tasks like clinical documentation and call management, aiming to reduce the administrative load on caregivers. Doctolib operates across several major European markets, including France, Germany, Italy, and the Netherlands, tailoring its products to comply with the specific regulatory frameworks and clinical practices of each country's healthcare system. By 2025, the company served a network of hundreds of thousands of healthcare professionals and had achieved profitability.
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REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 250M - 500M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: doctolib
Acquirer: a.p. moller holding