AntWorks buys enterprise health-tech venture Benchmark
AntWorks Pte. Ltd., a business process outsourcing and technology company set up by former vice president of Infosys BPO Asheesh Mehra, has acquired US-based Benchmark Systems, a healthcare application service provider, for $5 million (Rs 33 crore), the company said.
The acquisition will help AntWorks enhance its presence in the global healthcare solutions sector. It is the first acquisition of the firm in its four months of operations. The company will be announcing its second acquisition in the healthcare segment by December this year, it said.
"AntWorks will now be able to offer a fully integrated suite of technology solutions including electronic health records, practice management and revenue cycle management at a price point that is affordable to solo physicians and large group practices," said Mehra.
Singapore-based AntWorks was formed in 2015 by Mehra and former TCS executive Govind Sandhu, who serves as CFO. The company has a presence in multiple countries with its offices in the US, Philippines, Qatar, London, India and Singapore. It has delivery capability out of Pune, India and Virginia, the US with 300 healthcare and financial services professionals on board. It had a seed capital of $8 million raised from the two founders and a few well-wishers in June, which is being used to fund the two acquisitions.
"AntWorks expects the acquisition of Benchmark Systems to be immediately accretive to its adjusted gross and EBITDA margins. Benchmark Systems' strong cash flow will help AntWorks generate $10-12 million in revenues in the next 12 months," said Sandhu.
Benchmark offers healthcare application services ranging from the initial set up to training, ongoing support and maintenance. It also offers a full billing and collections outsourcing platform. Besides, it provides auditing and comparative benchmarking of key metrics against other practices of the same size and specialty.