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LifeMD Sells Majority Stake In WorkSimpli For ~$65M

Benzinga·11/04/2025 14:18:32
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LifeMD, Inc. (NASDAQ:LFMD), a leading provider of virtual healthcare services and pharmacy, today announced the sale of its majority ownership interest in WorkSimpli Software LLC ("WorkSimpli") in a transaction valuing WorkSimpli at an enterprise value of approximately $65 million. The buyer group was led by WorkSimpli founder and CEO Sean Fitzpatrick, with support from a private investment group. This transaction represents a key milestone in LifeMD's strategic transformation, further positioning the Company as a pure-play healthcare company exclusively focused on expanding its virtual care and pharmacy offerings.



Under the terms of the agreement, LifeMD received approximately $22 million in cash at closing, representing 91.6% of the $24.0 million base purchase price attributable to the 80% interest sold, with a portion of these proceeds held back subject to adjustments for net working capital, cash, closing date indebtedness, and company transaction expenses.



The sellers are eligible to receive up to an additional $28.0 million in cash upon WorkSimpli achieving defined growth and operational targets over the next three years. The transaction closed on November 4, 2025.