Bain Capital Private Equity (PE) of the United States has acquired a stake in CitiusTech, joining Baring Private Equity Asia (BPEA) EQT as a shareholder in the healthcare technology services provider. In 2019, Baring Private Equity Asia acquired a majority stake in CitiusTech. The private transaction’s financial terms were not disclosed.
“CitiusTech has established itself as a leader in healthcare digital innovation and business transformation, and a trusted partner to blue-chip healthcare clients with a strong track record of delivery excellence,” said Samonnoi Banerjee, managing director at Bain Capital PE.
Other investors in the race for this investment, in addition to Bain Capital PE, included Carlyle, Apax Partners, TPG, and Fujitsu. CitiusTech, which was founded in 2005 by IIT-Bombay graduates Koita and Jagdish Moorjani, offers digital healthcare technology services and solutions such as software development, regulatory compliance, business intelligence, and analytics.
“CitiusTech has more than doubled its revenues since our partnership with BPEA EQT in 2019. The investment from Bain Capital will help us continue to scale and innovate, to better serve existing and new customers, and enable healthcare organizations to become more care-efficient, personalised, and data-driven,” said Bhaskar Sambasivan, Chief Executive Officer of CitiusTech.
This is Bain Capital PE’s fourth Indian investment deal in 2022. In May, it invested in Delhi-based real estate developer TARC and partnered with Ivanhoé Cambridge to invest $1 billion in Lodha developers. It agreed to buy a 24.98% stake in IIFL Wealth Management Limited for Rs 3,680 crore ($485.6 million) in March.
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