Healthcare information technology services firm CitiusTech will recruit more than 500 people at its new Bengaluru office over the next two years. The Mumbai-based company already employs more than 4,000 people across multiple cities in India and the US.
"Our data management, big data and analytics practice is growing rapidly as the digitisation of healthcare gains momentum in the US. Our growth has been more than double of what the large Indian IT services firms have managed to do. Coupled with margins around 27-30%, we are expanding our strength to help us grow faster," Rizwan Koita, co-founder and CEO of CitiusTech told TechCircle.
CitiusTech's growth in the US, which contributes to around 90% revenue of the company assumes significance at a time when the larger Indian rivals are struggling with lower growth rates in the healthcare vertical.
The company already has around 150 employees in Bengaluru and most of the new recruits are expected to be experienced hands. The company has around 600 employees in the US.
CitiusTech has over $200 million in annual revenues and is owned by private equity firm Baring Private Equity Asia. The company was valued at around $1 billion when private equity firm General Atlantic and its founders Koita and Jagdish Moorjani sold most of their shares.
The company which competes with the likes of Cognizant, TCS and Infosys has a customer base that includes hospitals, insurance companies, pharma firms and, medical technology and device makers.
"The companies increasingly want to monitor their customers' health remotely through technologies to identify health risk. For an insurance company, this could mean lower payout. The pro-active and real-time health monitoring can increase margins for these companies," Koita said.
Founded in 2005, the company has over 60 large healthcare organisations as customers. Founder Koita has a master’s degree from the Massachusetts Institute of Technology (MIT) and a bachelor’s degree in engineering from the Indian Institute of Technology, Bombay (IIT).
Koita said that hospitals through better diagnosis and digitisation can reduce the hospitalisation period of patients from 14-15 days in several cases to 10-12 days, which can bring patient happiness as well as being able to serve more patients.
CitiusTech is also looking at inorganic growth over the next couple of years. "We have also earmarked around $100 million to acquire companies in the space but the Baring acquisition took our attention for a considerable time last year," Koita added.
Koita has previously founded business process outsourcing (BPO) firm TransWorks in 1999, which was merged with Aditya Birla group's BPO firm Minacs. Later, Concentrix acquired Minacs.