Private equity giant General Atlantic has picked a stake in healthcare technology services and solutions provider CitiusTech Inc as per a company statement.
Headquartered in the US the firm has significant operations in Mumbai besides Singapore and the UK.
The financial details of the transaction remained undisclosed, but several media reports had previously pegged the deal value at around $100-110 million. Apart from General Atlantic, Warburg Pincus, TA Associates and ChrysCapital were rumoured to be among the other investors in talks to pick a stake in CitiusTech.
“The partnership with GA enables CitiusTech to leverage General Atlantic’s global presence and its expertise in the technology and healthcare marketplaces. We are excited to partner with General Atlantic and look forward to working closely to scale our business worldwide,” Rizwan Koita, chief executive officer of CitiusTech, said in the statement.
Co-founded by Rizwan Koita and Jagdish Moorjani in 2005, CitiusTech provides healthcare technology services, including healthcare software development, healthcare interoperability, business intelligence and analytics. The company, which employs over 1,400 people, has offices in Mumbai, Princeton, Canada and Singapore, among other places.
CitiusTech partners with over 50 healthcare organisations worldwide and has amongst the largest product engineering and professional services teams for building and implementing enterprise clinical applications worldwide. BI-Clinical, CitiusTech’s flagship healthcare BI and analytics platform, is deployed at over 3,800 provider locations, making it one of the most widely used ONC certified reporting and analytics platforms in the US market.
“CitiusTech’s platforms help healthcare organisations and health care technology providers accelerate innovation and enhance quality of care. We are proud to partner with CitiusTech and to support its growth,” Bill Ford, CEO of General Atlantic, said.
In 2013, CitiusTech clocked a 51 per cent rise in revenue, marking the sixth consecutive year of over 50 per cent revenue growth.
“CitiusTech’s clinical data expertise and understanding of the evolving provider, payer and life science ecosystems differentiate it from traditional technology companies, and give it a strong platform for sustained growth,” commented Sandeep Naik, managing director and head of General Atlantic’s India team.
General Atlantic, with around $17 billion in assets under management, has bet on several IT & ITeS firms in India in the past, including Patni Computers, Genpact, Infotech Enterprises, Hexaware and more recently Mu Sigma. It has also scored a number of successful exits from some of them, including Hexaware last year. Its last investment in the technology space happened two years ago in Big Data firm Mu Sigma.
Last year it had invested in the fashion apparel sector following a deal with AND Designs. In 2012 it had bet on Fourcee Infrastructure.
(Edited by Joby Puthuparampil Johnson)