Tech Mahindra Ltd, a software services provider, announced that it will acquire CJS Solutions Group, the US-based healthcare consulting firm for an enterprise value of USD 110 million.
Tech Mahindra will initially acquire 84.7% stake in CJS for an upfront cash payment of USD 89.5 million through its US subsidiary, while the remaining 15.3% will be acquired over the next three years, according to the agreement.
“Healthcare is one of the few sectors globally that is driving the adoption of digital technologies. The acquisition will not only position Tech Mahindra as a significant player in the healthcare provider space, but will also provide an opportunity to go deeper in this space via EMR implementation and surrounding services route,” said CP Gurnani, Managing Director and CEO, Tech Mahindra.
Doing business as The HCI Group, the CJS Solutions Group focuses on the healthcare space, and specializes in the implementations of (EMRs) Electronic Medical Records software to health care service providers in the US and UK.
CJS Solutions Group clocked revenues of USD 114 million for the twelve month period that was ended in September 2016.
The firm has a presence in Europe, Asia Pacific and Middle East with more than 500 professionals globally.
The deal is expected to close before the end of April 2017.