Global alternative asset manager The Carlyle Group said on Thursday it has acquired a significant majority stake in Visionary RCM Infotech (India) Pvt. Ltd, an offshore risk adjustment and medical coding solution provider.
The transaction was struck through Carlyle Growth Investments IV, an affiliate of Carlyle Asia Growth Partners V, the PE firm said in a statement. It didn’t reveal the exact stake or the size of the transaction.
However, a person familiar with the transaction said that the PE firm has invested around Rs 400 crore to Rs 425 crore ($62.5-66 million).
Shankar Narayanan, managing director and co-head of Carlyle Asia Growth Partners, said in the statement that Visionary RCM is well-positioned to capitalize on future market opportunities as the medical coding and revenue cycle management services market continues to grow.
Visionary RCM was founded in 2006 and is based in Chennai. The company offers services like medical coding for risk adjustment, audit of medical records, diagnostic and procedural coding services to hospitals and physicians for filing claims with health plans, and support for revenue cycle management. It has five offshore delivery centres and has more than 2,500 employees in India.
Carlyle has invested more than $1.5 billion of equity in at least 30 transactions in India as of 30 September 2017. Earlier this year, it had acquired a stake in SBI Card and also in logistics firm Delhivery Pvt. Ltd. Both these investments were from the firm’s buyout funds.
Earlier this year, the PE firm had combined its growth and buyout units.
Globally, Carlyle has $158 billion in assets under management across 113 active funds and 168 fund-of-funds vehicles as of 31 December 2016. In emerging markets, Carlyle manages seven PE fund families with total AUM of $11 billion.
In November, Carlyle marked the first close of its fifth Asia buyout fund at $4.5 billion, which is already larger than its previous buyout fund of $3.9 billion.
This year, Carlyle also announced a change in global leadership, naming Glenn Youngkin and Kewsong Lee its co-chief executives.