Bill McColl
1 min read
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Hims & Hers expanding in Europe with the purchase of London-based digital health platform ZAVA.
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The acquisition gives the health and wellness site an increased reach in the U.K., and launches the firm in Germany, France, and Ireland.
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The price of the all-cash deal was not disclosed.
Hims & Hers Health (HIMS) shares rose Tuesday after the health and wellness site announced it was expanding its reach into Europe by buying London-based digital health platform ZAVA. The price of the all-cash deal was not disclosed.
Hims & Hers explained that the purchase will increase its presence in the U.K., and give the firm an entry into Germany, France, and Ireland, "with more markets anticipated soon."
Founder and CEO Andrew Dudum said by leveraging ZAVA's "established European presence, cutting-edge technology, and deep customer understanding, we're poised to fundamentally transform access to care for millions across Europe."
The company added that it would soon introduce "a new, personalized dimension of digital health in Europe, providing individuals with access to care tailored to their specific needs and goals across dermatology, weight loss, sexual health and mental health."
Hims & Hers noted that the acquisition would be paid for from the company's balance sheet, and is expected to close in the second half of this year. It expects the addition of ZAVA to be accretive by next year.
Shares of Hims & Hers advanced about 3% in recent trading and have soared about 130% this year.
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