Tech Mahindra to buy US healthcare provider valued at $110 million

Tech Mahindra to buy (खरीदें) US healthcare provider valued (मूल्यवान) at $110 million

BENGALURU: Tech Mahindra said it would buy US healthcare IT services provider, the HCI Group, for an enterprise value of $110 million, as it looks to increase its presence in the healthcare space. The India-listed IT company will make an upfront (अग्रिम) payment of $89.5 million for 84.7 per cent of the company and buy the remaining 15.3 per cent over the next three years. "Healthcare is one of the few sectors globally that is driving adoption(अंगीकार) of digital technologies. The acquisition(अधिग्रहण) 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," C P Gurnani, Chief Executive Officer of Tech Mahindra, said in a statement.

HCI Group has over 500 employees and had revenue of $114 million for the 12-month period ended September 2016.

"I truly believe that Tech Mahindra is the right partner for us to improve the healthcare industry through a combination of disruption, innovation and cost reduction. What better way to support our customers than by joining with the global leader in digitalization and connected technologies," Ricky Caplin, CEO of The HCI Group, said.

The acquisition is expected to close in April. 

Definitions of acquisition अधिग्रहण

noun

an asset or object bought or obtained, typically by a library or museum.

Among the museum's acquisitions , he discovered a piece of furniture that he had made 40 years before.

synonyms: purchase, buy, gain, accession, addition, investment, possession

the learning or developing of a skill, habit, or quality.

the acquisition of management skills