Hims & Hers Health, the New York Stock Exchange-listed telehealth company, said on 19 February 2026 that it had signed a definitive agreement to acquire Eucalyptus, a Sydney-based digital health company that runs consumer brands including Juniper and Pilot. The deal is valued at up to $1.15 billion (about A$1.6 billion), subject to customary purchase price adjustments.
About $240 million (about A$340 million) is payable in cash at closing. The rest consists of guaranteed deferred payments over the 18 months after closing and earnout payments tied to financial targets through early 2029. Hims & Hers can choose to settle most of the deferred and earnout payments in cash or in its own stock, and said it expected to fund most of the deal from cash on hand and future operating cash flow from its US business.
Eucalyptus will become the base of Hims & Hers' international business. Its co-founder and chief executive, Tim Doyle, will become senior vice president of international at Hims & Hers, and Eucalyptus's brands will move under the Hims & Hers name over time. The deal needs regulatory approvals and was expected to close in the middle of 2026.
What Eucalyptus built
Eucalyptus was founded in 2019 by Tim Doyle, Benny Kleist, Alexey Mitko and Charlie Gearside. It runs a group of online clinics, each aimed at one condition or customer group: Pilot for men's health, Juniper for weight loss and menopause, Kin for fertility and contraception, and Software for prescription skincare, Startup Daily reported.
Hims & Hers described it as Australia's largest digital health provider. Eucalyptus operates in Australia, the UK, Germany, Japan and Canada, the last two being recent launches. It has served more than 775,000 customers and facilitated nearly two million consultations. It has published more than 20 peer-reviewed papers on its care model and was the first Australian telehealth business accredited by the Australian Council on Healthcare Standards.
The company said its annual revenue run-rate was above $450 million (about A$640 million), based on unaudited January 2026 gross billings, and that this measure grew at triple-digit rates year over year in every quarter of 2025. Hims & Hers said Eucalyptus was operating within sight of profitability; Startup Daily reported that it posted an after-tax loss of A$15.2 million (about $10 million) in the 2024 financial year.
“Healthcare challenges are global, and so is the demand for simpler, transparent, and more personalized healthcare. But how that comes to life looks different for every region and every person. We've shown the difference that makes in the US, and the logical next step is working with more international experts to make that difference abroad.”
Why Hims & Hers is buying
The deal gives Hims & Hers an entry into Australia and Japan and adds scale in the UK, Germany and Canada. Hims & Hers said it expected to lead its categories in Australia and to become one of the leading telehealth providers in the UK and Germany within two years. Its earlier international expansion included the European telehealth platform Zava, which gave it access to Germany, France, Ireland and the UK, MobiHealthNews reported.
Andrew Dudum, Hims & Hers' founder and chief executive, said the company had shown what its model could do in the US and that working with international experts was the next step. Hims & Hers also said a larger global footprint should help it strike distribution deals with drugmakers, biotech companies and diagnostics firms looking for partners.
Doyle said Eucalyptus had spent seven years helping customers find care that suited them and that joining Hims & Hers would help push towards affordable healthcare for everyone.
The founders and the funding
Eucalyptus raised a $22.3 million Series B in July 2021 led by NewView Capital, with existing investors Blackbird Ventures and W23, the venture arm of Woolworths, and new investor AirTree Ventures, TechCrunch reported. That brought its total funding to $32.8 million at the time.
In January 2022 it raised A$60 million (about $43 million) led by Bond Capital, the firm founded by Mary Meeker, with Blackbird, AirTree, OneVentures, NewView Capital, Athletic Ventures and W23 also taking part, SmartCompany reported. Startup Daily reported earlier and later rounds of A$8 million (about $5 million) in May 2020 and A$50 million (about $33 million) in April 2023.
How much the founders and investors receive
Much of the headline price is contingent. Only about a fifth is paid in cash at closing; the earnouts depend on financial targets being met through early 2029, and the final value to Eucalyptus shareholders will depend on whether those targets are met and, where Hims & Hers pays in stock, on its share price. Startup Daily reported that Hims & Hers shares fell about 2.5% on the day of the announcement.
