Operations management and analytics firm EXL announced that it is acquiring SCIOInspire Holdings Inc, a health analytics solution and services firm, for about $240 million, according to a company statement.
EXL, with significant presence in Asia primarily in India and the Philippines, said the acquisition will strengthen the company’s capability in the cost and care optimization markets.
The acquisition is expected to close in the next three months. EXL will fund the purchase with internal cash and borrowing from its credit facility.
SCIO serves over 100 healthcare organizations representing over 130 million covered lives across the spectrum covering providers, health plans, PBMs, employers, health services and global life sciences companies.The company’s significant early investors include Sequoia India, Health Enterprise Partners, and Saama Capital.
SCIO said, it transforms data into actionable insights and outcomes through the use of integrated healthcare data, proprietary analytics, innovative technologies, and flexible delivery methodologies.
“SCIO’s analytical tools and expertise in healthcare claims payment and care optimization expands EXL’s market-leading advanced analytics and healthcare capabilities,” said Rohit Kapoor, EXL Vice Chairman and Chief Executive Officer.
He added that combining SCIO’s workforce to its own team of over 2,000 clinicians and more than 3,000 data scientists worldwide “significantly increases our ability to scale to meet the needs of larger clients and increases our reach into pharmacy benefit managers, healthcare providers, and life sciences companies”.
EXL serves the insurance, healthcare, banking and financial services, utilities, travel, transportation, and logistics industries.
TripleTree, LLC served as the exclusive strategic and financial advisor to SCIO in the transaction.
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