Mumbai-based healthtech unicorn CitiusTech has announced the acquisition of SDLC Partners, a payer-focused technology solutions company in Pittsburgh, Pennsylvania.
While the financial terms of the deal remain undisclosed, CitiusTech has confirmed that the move will strengthen its portfolio of solutions designed to help healthcare payers (such as insurance companies) accelerate their digital transformation.
The company, founded by three IITians but now majority owned by Baring Private Equity Asia, serves as a specialist provider of healthcare technology and consulting enabled business solutions. The company has a strong presence across the payer, provider, medtech, and life sciences markets.
It employs more than 4,000 people in multiple cities in India as well as the US, the UK, Singapore, and the UAE.
“Payer organisations are leaning heavily on digital capabilities and innovative technology solutions to enhance quality of care, member experience and overall performance,” Bhaskar Sambasivan, president of CitiusTech, said while commenting on the deal.
“Our investment in SDLC is another step towards helping payers accelerate their transformation to value-based, member-centric operating models,” he added.
SDLC primarily focuses on three key needs of payers in the healthcare industry – technology transformation, consulting, and automation solutions.
The company has built specialised payer business expertise, including member experience management, intelligent automation, data and analytics, and core applications. It employs over 350 people.
“Combining this with CitiusTech’s industry presence and its rich portfolio of complementary digital offerings gives us the ability to broaden our access to payer markets, compete and win larger opportunities and move front and center in our customer’s digital transformation strategy,” Chris Simchick, CEO of SDLC Partners, said in a statement.
Over the past 17 years, CitiusTech has established itself as a global leader in healthcare technology.
The company has been growing 20% annually in recent years -- a shift driven by Covid-19 -- and projects to surpass $250 million revenue in the current year. Most of its revenue comes from the US market.