Japan’s M3 acquires Eight Roads-backed Manthan’s healthcare market research unit
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Japan-based M3 Inc. has acquired the healthcare market research business of Manthan Software Systems Pvt. Ltd, which offers business intelligence and big data analytics solutions for enterprises.

M3 said in a statement the acquisition would help the group with its market research, business expansion and integrating its technology stack with Manthan’s unit. It did not disclose the deal value.

Post the acquisition, Manthan’s healthcare research arm will be renamed as m360 Research. It will operate as a research partner for companies in the life sciences industry, leverages information technology capabilities and a physicians’ network across 30 countries.

Established in 2000, M3 is healthcare and physician-focused multinational firm. The company says it aims to leverage the internet and other technologies to enable changing the medicinal and healthcare worlds. It operates portals such as m3, MR-kun, MDLinx, and MEDI:GATE. It has a presence in countries such as India, France, China, South Korea, the US and the UK.

Bengaluru-based Manthan, meanwhile, was founded in 2004. It helps users across industries analyze data and take guided decisions. It works across big data, mobility and cloud computing, with over 170 customers across 21 countries.

It has offices in the US, the UK, the Philippines, Singapore, and Brazil. It reported consolidated net sales of Rs 239.05 crore for the financial year ended March 2019, posting profit-after-tax figures of Rs 10.47 crore for the same period.

Manthan’s investors include Eight Roads Ventures, Singapore state-owned investment firm Temasek, Avataar Venture Partners and Innoven Capital.

In May 2017, VCCircle exclusively reported that Manthan was in talks for a majority stake sale. At the time, the Temasek-backed firm was working with Goldman Sachs and was in talks with several foreign strategic investors.

In February 2015, Temasek had led a $60 million (Rs 370 crore) investment round in the company. Norwest Venture Partners also participated in the funding round, which also saw IDG Ventures exiting. Another investor, Fidelity, partially exited in that exercise as well.

Norwest VP and Fidelity had invested $2.95 million (around Rs 18 crore) in the company in June 2014 and $4 million (Rs 22 crore) in January 2013. The two firms also invested $15 million in the firm’s Series C round of funding.

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