French healthtech Alan has identified Brazil as its next international expansion market, with a delegation arriving in the coming days to advance talks. The company, which counts soccer star Kylian Mbappé among its investors, has gathered information on at least two operators: Sami Saúde and Alice. It is also exploring potential partnerships with Amil, while a full acquisition of Amil is considered out of reach.
Brazil as the Next Growth Frontier
Alan has engaged Sami Saúde and Alice in recent weeks as it evaluates local entry options. The French company is said to be working with a potential offer of around R$2 billion to attract Alice. Alice stated that it does not comment on market rumors, but its investors Canary and SoftBank are reportedly open to a deal.
Investor Dynamics and Valuation
Canary was the first investor in Alice, backing the company at its inception in 2020, and is seeking an exit more actively. SoftBank does not oppose a sale because its Latin America strategy has shifted toward artificial intelligence companies. A block sale involving Kaszek, Globo Ventures, Maya Capital, and others is now seen as possible.
Amil Partnership Potential
Alan has also held talks with Amil, owned by entrepreneur José Seripieri Filho, known as Junior. Amil recently ended negotiations with private equity funds Bain Capital and Advent over a potential acquisition of the operation valued at approximately R$17 billion. Alan considers a direct offer for Amil to be out of reach and instead wants to pursue possible partnerships.
Financial Strength and Global Expansion
Founded in 2016 by Jean-Charles Samuelian and Charles Gorintin, Alan ended the second quarter with about 1.14 million members and 840 million euros in contracted annual recurring revenue. In June, the company announced a funding round of 480 million euros led by Prosus, the controller of iFood, which is led by Brazilian executive Fabrício Bloisi. Beyond Prosus and Mbappé, French national team players Blaise Matuidi and Antoine Griezmann are also investors.
Athlete Investors and Strategic Vision
Mbappé, Matuidi, and Griezmann bring high visibility to the healthtech's prevention-focused mission. Mbappé said in March that prevention should be a daily habit rather than an option, and that he wants to build long-term projects aligned with his values. He compared elite sports performance, where anticipation and recovery are essential, to the company's approach to health.
Recent African Expansion
Alan recently acquired Tanel, a health operator active in Senegal and Ivory Coast, with roughly 70,000 lives across more than 400 companies. The deal includes a network of 1,200 pharmacies and providers, expanding Alan's presence in West Africa. It signals the company's willingness to enter markets with different regulatory and distribution dynamics.
Local Market Challenges
Alan combines health plans, medical care, and prevention on a single platform, with direct sales to companies and consumers. In Brazil, collective plans contracted by employers or class associations dominate, and brokers and benefits administrators play a significant role in distribution. The local model also has different pricing rules, as individual plan increases are subject to the annual cap set by ANS, while collective plans follow negotiated terms.
Alan's Brazil exploration reflects a broader push by European healthtech companies to enter Latin America's large private health market. The company faces the challenge of adapting its direct sales model to a system dominated by collective plans, brokers, and local regulation. If a deal with Alice or a partnership with Amil materializes, it could reshape competition in the Brazilian health insurance segment.
Source: Exame