Mumbai: Business process outsourcing service provider Firstsource Solutions has entered into an agreement to acquire US-based healthcare company MedAssist Holding, Inc for $330 million.
The deal is subject to regulatory approval under the US HSR (Hart-Scott-Rodino Anti Trust Improvements) Act.
As per the terms of the agreement, there would be no change in the management of MedAssist and employees would continue in their current jobs, Firstsource said in a filing to the Bombay Stock Exchange.
“We see significant opportunity to grow our business in the segment by cross-selling Firstsource’s services to MedAssist’s customers,” Firstsource managing director and CEO Ananda Mukerji said.
MedAssist has 1,400 employees and is a provider of revenue cycle management services to the healthcare industry across America. This includes eligibility services, receivables management services and post-default collections services for healthcare providers.
Firstsource, which already has a presence in the US healthcare BPO space on the insurance company end, would now enter the hospitals segment of healthcare BPO services after the acquisition.
MedAssist has over 1,000 clients. Its revenue for year ended 31 December 2006 was $99 million.
MedAssist’s capabilities would provide Firstsource with a pan-American presence in this segment, consisting of over 5,000 hospitals nation-wide.