India’s CitiusTech earmarks $100m for acquisitions across geographies

Photo by Hush Naidoo on Unsplash

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.

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.

This article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.