Mumbai-based healthcare technology company CitiusTech has earmarked $100 million for potential acquisitions, co-founder and CEO Rizwan Koita said in an interview.
CitiusTech, which was acquired by Baring Private Equity Asia last year in a deal valuing it at above $1 billion, provides healthcare technology services and solutions to hospitals, insurance, pharma, life sciences, and medical technology companies, primarily in the US. It also focuses on several areas of digital technology, such as cloud computing, predictive analytics, and data science.
CitiusTech has “a fairly aggressive plan to drive our mergers and acquisitions (M&As)", having earmarked $100 million for it, and is scouting for niche technology companies with expertise in digital experience, cloud computing, artificial intelligence, machine learning, and robotic process automation, Koita said. “These companies are going to be largely across the US. We will also look at acquiring healthcare technology companies in the UK, Germany, and Japan," he said. It is also building internal expertise in these domains.
Co-founded by IITians Koita and Jagdish Moorjani in 2005, CitiusTech has a strong presence in the US, is present in Europe and West Asia, and has facilities in Bengaluru and Chennai as well. The company aims to enter newer markets through the M&A route.
In August 2018, the company acquired a majority stake in FluidEdge Consulting, a healthcare management consulting company headquartered in Philadelphia. “We are a profitable company. This year, we will generate revenue of around $205 million, which is almost 20% above what we did last year. We plan to get to $500 million in the next four to five years," he said.