Brazilian Nasdaq-listed Afya buys CardioPapers, taking one more step towards being a complete medical education platform

In April last year, Afya received an investment of BRL 822 million from SoftBank and said it would use the funds for M&A. This is the company's second acquisition in 2022 alone.

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Brazilian Nasdaq-listed medical education company Afya announced this Tuesday the purchase of 100% of the platform specialized in cardiology teaching CardioPapers. In the statement released to the market, the company valued the platform at BRL 35 million.

The investment was paid in cash and may be increased by another BRL 15 million by Afya, depending on the platform’s performance in 2023 and 2024.

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CardioPapers ended 2021 with 7,000 students and is expected to reach gross revenue of BRL 18.8 million this year.

In April last year, Afya received an investment of BRL 822 million from SoftBank in an operation involving the purchase of the company’s Series A convertible preferred shares. The Japanese conglomerate also signed an agreement to purchase 2,270,208 standard class A shares belonging to the investment fund Crescera Educacional II and the Esteves family. As a result, SoftBank now owns 8.4% of Afya’s shares. Before that, SoftBank had already invested in 2020 in medical practice management software provider iClinic, acquired for BRL 182.7 million by Afya in October 2020.

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At the time, the company said it intended to use the funds coming from SoftBank for new products and acquisitions.

CardioPapers’ is Afya’s second acquisition in 2022 alone. The first one — a content platform for doctors called Além da Medicina, which ended 2021 with 4,000 subscribers— was announced in March.

Translated and co-written by LABS

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