Healthcare infotech (IT) company CitiusTech has invested in FluidEdge Consulting, a Philadelphia-headquartered firm specialising in healthcare IT and operational services, a press statement said.
US- and India-based CitiusTech had last raised $111.25 million from private equity giant General Atlantic in March 2014, going by VCCEdge, the data and research platform of News Corp VCCircle.
“CitiusTech’s sizeable industry presence and strong technology team complement our core competencies and give us the ability to compete effectively on larger contracts and derive significant cost advantages,” said FluidEdge president Shawn Archambault. “We also expect multiple opportunities to jointly develop world-class solutions to address complex industry needs,” he added.
FluidEdge was founded in 2007 by Archambault, who was later joined by Michael Green in 2010 as managing partner.
CitiusTech, founded by IIT-Bombay graduates Rizwan Koita and Jagdish Moorjani in 2005, provides healthcare technology services and solutions such as software development, regulatory compliance, business intelligence and analytics. The firm, which employs about 3,000 people, has offices in India, Singapore, the UAE, UK, US.
Rizwan Koita, chief executive of CitiusTech, said, “FluidEdge has excellent business and technology consulting capabilities. Our partnership with FluidEdge enables us to strategically engage with healthcare customers, leverage technology to define enterprise solutions, and build and deploy these solutions to drive business performance.”
According to the company, CitiusTech achieved over $130 million in revenue in 2017 with a compound annual growth rate of more than 30% over the last five years, through a mix of healthcare technology services and platforms.
In 2016, CitiusTech joined hands with IIT-Bombay's Society for Innovation and Entrepreneurship to launch a healthcare innovation fund. The fund was created to invest in early-stage healthcare startups.