Healthcare tech platform Doctolib acquires encryption startup Tanker – TechCrunch

French startup Doctolib is expected to finalize its acquisition of Tanker today based on regulatory filings. Doctolib is a French unicorn that develops a software product as a service to help doctors and medical personnel with administrative tasks. In particular, Doctolib acts as a booking platform that connects doctors with patients. 300,000 health professionals pay for the service and 60 million people in Europe have used it.

Tanker helps healthcare technology companies secure user data. The startup has developed a protocol as well as client-side development kits that can be integrated into a web app, mobile app, or desktop app.

After you add Tanker to your product, messages and files that are shared between patients and health professionals are end-to-end encryption. Tanker and its clients cannot decrypt files or messages as they do not have access to the private encryption key. In other words, if you are not the sender or the recipient, you cannot decrypt the data.

Focusing on the healthcare industry, Tanker Doctolib, healthcare insurance startup Alan, and telehealth company Qare list as clients on the company’s website. In June 2020, Doctolib announced that it had added end-to-end encryption thanks to a partnership with Tanker

A source sent me a regulatory file from January 3, 2022 with details about the deal between Doctolib and Tanker. An earlier regulatory filing from December 22, 2021 mentions the acquisition. You can view these two documents on Pappers.

“Doctolib plans to acquire shares of the company called Tanker,” one of the lawyers wrote in a letter. “This transaction will take place on the terms of the agreement protocol signed on December 9, 2021, which includes the transfer of 100% of Tanker’s share capital to Doctolib.”

The latest filing indicates that January 11, 2022 is the closing date of the deal, which is today. Another source told me that the acquisition is currently underway. We reached out to Doctolib, but received “No Comment” on the matter.

Based on legal documents, Doctolib is acquiring Tanker in a cash and securities transaction, which would value Tanker from $28 million to $34 million (€25 million to €30 million).

evaluation puzzle

Yesterday, I wrote about Doctolib’s press conference about the latest metrics and upcoming product releases. Interestingly enough, Stanislas Kneux-Chateau, co-founder and CEO of Doctolib, said they “have stopped communicating about funding rounds over the past several years. Every three months, every year, investors invest again or invest for the first time based on our long-term project. “.

Back in 2019, the company said it had reached a valuation of $1.13 billion (€1 billion). This is the last time Doctolib has talked about funding rounds.

But this is not the latest funding round. For example, like Charlie Perreau ForemanGeneral Atlantic invested $69 million (€61 million) in the company in February 2020.

As for the company’s valuation, based on the Tanker acquisition, each Doctolib share is worth €170.91. There are currently about 18 million shares in Doctolib, which means Doctolib can be valued at around €3 billion ($3.4 billion).

This rating seems low given Doctolib’s customer base (300,000) and Doctolib’s starting price (€129 per month). Doctolib’s stock may have been undervalued as a nice sign for Tanker investors. Doctolib may not have gone up in a while and is on the cusp of a higher value move. It’s still a mystery at the moment.

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