Religare Technova Ltd, the holding company of diversified business group Religare Enterprises, has acquired the healthcare solutions business of Bangalore-based Sobha Renaissance Information Technology Pvt Ltd (SRIT) for an undisclosed sum. The acquisition will bring SRIT’s over 100 employees in Religare’s fold, it said in a statement.
VCCircle was the first to about the deal in January this year. The earlier report suggests that Religare will be paying between Rs 20 crore and Rs 25 crore for this deal. SRIT has an annualised revenue run rate of Rs 140 crore. The contribution of the healthcare business to the revenue is not known.
PNC Menon, the chairman of real estate firm Sobha Developers, holds a substantial minority stake in SRIT. The other promoters of the firm include Madhu Nambiar and Giri Devanur.
Religare says, the acquisition is in line with the company’s long term plan to become the market leader in healthcare IT in Asia in the next three years. “Domain focus is what drives our IT services strategy” said Sanjay Padode, CEO, Religare Technova, in the statement.
Religare Technova has been planning for an integrated IT solution company in health care space that offers both IT services and solutions catering B2B and B2C market place. It focuses on clients in verticals such as financial services, insurance, capital markets and health care and pharmaceuticals. Religare currently has operations across 10 countries including Middle East, US, Europe and Asia.
Sobha had been providing hospital information system (HIS) under its technology suit called Magnum. Apart from healthcare, telecom and enterprise are the two other domains of SRIT’s services play. As per earlier VCCircle report, SRIT is also in discussion with other suitors for the sale of its telecom and enterprise businesses either in a single transaction or by way of two separate deals.
Religare Technova stocks closed at Rs 38.25, down by 0.52%.