Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Acquisition Playbook.

Three patterns run through Doximity's acquisitions — what it looks for, how it pays, and how it folds in what it buys.

01
Acquisition criteria
Infrequent, small capability tuck-ins rather than scale M&A.
Doximity is a predominantly organic grower; across five-plus years as a public company it has made just three acquisitions, each bolting a single capability - healthcare staffing (Curative), on-call scheduling (Amion), or AI clinical reference (Pathway) - onto its existing physician-cloud platform.
Curative Talent (formerly THMED, LLC)AmionPathway (Pathway Medical Inc.)
02
Capital deployment
Buys tools and teams its members already touch.
Amion was a decade-long Doximity partner before the deal, and Pathway's AI/dataset was folded into the free Doximity GPT product - Doximity tends to acquire adjacent products already adopted by physicians to deepen platform engagement rather than enter new markets.
Curative Talent (formerly THMED, LLC)AmionPathway (Pathway Medical Inc.)
03
Integration approach
Deal consideration leans heavily on earn-outs and multi-year retention equity, s...
Deal consideration leans heavily on earn-outs and multi-year retention equity, signalling that founders, engineering talent, and proprietary data are as much the target as the product. Amion carried up to $24M of performance earn-out; Pathway added ~$24-27M of RSUs/PSUs vesting over up to five years on top of the cash.
Curative Talent (formerly THMED, LLC)AmionPathway (Pathway Medical Inc.)

The Full Deal Book

3 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.

01 Curative Talent (formerly THMED, LLC) · United States $34.7M
Closed Apr 2020 Cash-and-stock business combination - $33.6M cash plus 689,656 shares of common stock valued at ~$1.1M
Tech-enabledhigher-touch physician and locum-tenens staffing / recruiting service delivered by account managerslayered on top of Doximity's self-serve Hiring Solutions

Doximity acquired THMED, LLC (subsequently renamed Curative Talent, LLC), a medical recruiting agency providing temporary and permanent healthcare staffing services to hospitals, medical groups, and other healthcare facilities across the United States.

Why it was attractive
  • Gave Doximity a recruiter-led delivery arm to complement its data-driven
  • self-serve Hiring Solutions and serve health-system staffing demand end-to-end
Post-close · earnings-call commentary

In October 2020 Doximity sold a portion of the Curative Talent business for $4.7M total consideration, recognizing a non-recurring gain; the divested net assets were not material. Curative Talent, LLC remains a Doximity subsidiary.

02 Amion · United States (Boston-area company; serves hospitals nationwide) $74.6M
Announced Feb 2022 Closed Apr 2022 Asset acquisition - acquisition-date fair value of $74.6M, comprising $53.5M cash plus $21.1M fair value of contingent earn-out consideration. Definitive agreement provided for up to $24.0M of earn-out
On-call shift schedulingcalendar syncshift-swap and special-request handlingand integrated messaging for physician groups and hospitals

Doximity acquired the assets of Amion, a leading web and mobile on-call scheduling and messaging application used by hospital scheduling staff and physicians. Founded in 1998 by Stuart Karon and based in the Boston area, Amion managed nearly 200,000 physician schedules across thousands of hospitals, including 18 of the top 20.

Why it was attractive
  • Amion was already a decade-long Doximity partner with deep penetration of U.S. hospital on-call scheduling (~200
  • 000 physician schedules
  • 18 of the top 20 hospitals)
  • making it a natural
  • high-engagement addition to the physician cloud
We're excited to partner with founder Stuart Karon and the Amion team to expand our physician cloud platform. Scheduling enhances our collaboration suite and will grow engagement across all our businesses.Jeff Tangney — CEO and co-founder, Doximity
For 24 years, Amion fostered a micro-company model to maximize operational efficiency. We're excited to add Doximity's growth gene to our DNA. Formalizing our decade-long partnership will bring great new tools to many more physicians.Stuart Karon — CEO and founder, Amion
Post-close · earnings-call commentary

Closed April 1, 2022. Contingent earn-out recorded as a liability; ~$6.0M settled in Q1 FY2024. Amion, LLC remains a Doximity subsidiary.

03 Pathway (Pathway Medical Inc.) · Canada (Montreal, Quebec); acquired entity holds the Doximity subsidiary Pathway Medical ULC, British Columbia, Canada $36.3M
Announced Aug 2025 Closed Jul 2025 Acquisition of all outstanding shares - acquisition-date fair value of $36.3M, comprising $26.7M cash plus $9.6M of guaranteed RSUs included in purchase consideration. Doximity separately granted joining Pathway employees ~$23.9M of service-vesting RSUs
Evidence-based AI clinical reference and decision-supporta large structured medical dataset purpose-built for AIplus a physician-heavy AI/engineering team

Doximity acquired all outstanding shares of Pathway Medical Inc., a Montreal-based, AI-based medical knowledge / clinical-reference platform. Over ~7 years Pathway assembled one of the largest AI-purpose-built structured datasets in medicine - spanning guidelines, drugs, and landmark trials across major specialties - and its model scored a record 96% on the USMLE benchmark. Physicians make up about half of Pathway's team.

Why it was attractive
  • Pathway offered a best-in-class
  • AI-ready structured medical dataset
  • a benchmark-leading clinical model (96% USMLE)
  • and a physician-heavy AI/engineering team - an acqui-hire plus data play to accelerate Doximity's AI roadmap
They've painstakingly built one of the best datasets in medicine, and it's going to take our clinical reference capabilities to an entirely new level.Jeff Tangney — co-founder and CEO, Doximity
Post-close · earnings-call commentary

Closed July 29, 2025, announced August 7, 2025. Doximity began beta-testing the combined Pathway + Doximity GPT product with physicians.

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