Australian Telehealth Staff Celebrate Monumental $1.6 Billion Acquisition
More than one hundred employees at the Australian digital health start-up Eucalyptus have been transformed into overnight millionaires following a monumental $1.6 billion takeover by the United States telehealth giant Hims & Hers. The company, which announced the deal on Thursday, operates popular brands like Juniper and Pilot, offering prescriptions for GLP-1 medications similar to Ozempic and Mounjaro, alongside fertility programs and erectile dysfunction treatments.
Employee Share Bonanza Creates Life-Changing Windfalls
Thanks to a comprehensive employee share option plan, over 100 staff members were positioned to receive a staggering financial windfall from the acquisition. The total value of employee shares, excluding the company's co-founders, is estimated to be around $300 million according to reports from the Australian Financial Review. This translates to an average payout of approximately $420,000 for each eligible Eucalyptus employee.
The Sydney office on Clarence Street erupted into a raucous celebration as news of the billion-dollar deal broke. Former chief commercial officer Joe Harris, aged 29, is understood to have pocketed more than $1 million from the transaction. He described the experience as providing "the peace of mind of knowing I've shifted the trajectory of my family's life forever and have taken care of my future." Harris added that he can now focus on building his company without worrying about financial opportunity costs.
Founder's Full Circle Moment and Global Expansion Vision
Eucalyptus founder and chief executive Tim Doyle, who will receive a colossal $163 million from the deal, characterized the acquisition as a full circle moment. The 35-year-old revealed that his company originally drew inspiration for its telehealth model from Hims & Hers in the United States. "By joining Hims & Hers, we will help more people globally believe in the future of healthcare," Doyle stated in a LinkedIn post.
He emphasized that Eucalyptus has always aimed to provide healthcare that is "simple, high-quality, personal, and designed to help prevent disease, instead of merely treating it." With seven years of experience serving customers worldwide, Doyle believes this acquisition will accelerate the movement toward affordable healthcare that feels luxurious. He will transition into a new role as senior vice president of international business following the takeover.
Rapid Growth and Workplace Challenges
Eucalyptus, which boasts offices in Australia, the United Kingdom, Germany, and Japan, reportedly serves more than 775,000 customers globally. The company has achieved an annual revenue run-rate exceeding $637 million, demonstrating remarkable growth in the competitive telehealth sector. While the company has prided itself on fostering a friendly workplace culture, it has simultaneously faced criticism for imposing what some describe as unreasonable performance targets on staff.
Anonymous employees from the company's Philippines office told the Australian Financial Review in January that there had been multiple resignations, with staff reporting exhaustion due to high targets. They alleged that Eucalyptus increased the number of customer queries each assistant should process to more than 65 per day to manage surging demand. "Failing to meet these metrics could lead to escalation from management, particularly local management in the Philippines, and in some cases this created fear of termination," one former employee claimed.
Another staff member added, "I love the work and the purpose of my role, but in my team alone about 10 people resigned within a single month due to exhaustion, health concerns and a lack of balance." In response, Eucalyptus clinical director Matt Vickers maintained that the targets were designed to prioritize patient care rather than mere volume. The Daily Mail has contacted Eucalyptus for further comment on these workplace allegations.
