General Atlantic may pick stake in CitiusTech for around $100M

Private equity major General Atlantic is leading the race to acquire a significant equity stake in healthcare technology services and solutions provider CitiusTech Inc for around $100-110 million, as per separate media reports citing sources.

Apart from General Atlantic, Warburg Pincus, TA Associates and ChrysCapital are among the other investors in talks to pick a stake in CItiusTech.

Co-founded by Rizwan Koita and Jagdish Moorjani in 2005, CitiusTech provides healthcare technology services like healthcare software development, healthcare interoperability, business intelligence and analytics, among others. The company, which employs over 1,400 people, has offices in Mumbai, Princeton, Canada and Singapore, among other places.

The funding is expected to be used to finance CitiusTech’s expansion plans in Europe, Middle East and Southeast Asia.

The company has appointed Citigroup to advise for the transaction.

General Atlantic has bet on several IT & ITeS firms in India in the past, including Patni Computers, Genpact, Infotech Enterprises, Hexaware and more recently MuSigma. 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 MuSigma.

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)

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