India based Tech Mahindra to acquire USA based healthcare IT services & consulting firm- CJS Solutions Group (The HCI Group’s Subsidiary) for $110 million. Tech Mahindra will acquire 84.7% of CJS Solutions with $89.5 million and 15.3% will be acquires over period of three years.
The transaction is expected to close by April 2017, subject to the regulatory approvals.
Tech Mahindra was legally advised by Greenberg Traurig while Lodestone Corporate Advisors was the exclusive advisor to Tech Mahindra on the overall transaction. For The HCI Group (CJS Solutions) financial advisor was Allen & Company, with Nelson Mullins Riley & Scarborough serving as legal counsel.
The HCI Group offers healthcare technology consulting services. It provides advisory, revenue cycle and ICD-10, implementation, medication management, training and adoption, interface and interoperability, application and integrated testing, activation and go-live support, reporting, optimization, sustaining support, data migration, legacy support, and staff augmentation solutions.
The company was founded in 2009 and is based in Jacksonville, Florida.
About Tech Mahindra
Tech Mahindra is an Indian IT company founded in 1986 and is headquartered in Pune, India.
It is a subsidiary of Mahindra group. The major works of it are on IT, Networks, Consulting, Customer Care, Digital Services, Business Analytics and Cloud Infrastructure. With revenue of $4.5Bn (Nov. 2016) annually it has reach to 90 countries in the world with the help from its some 112,886 employees.
Mahindra Group is an Indian conglomerate holding company headquartered at Mahindra Towers in Mumbai, India, with operations in over 100 countries around the globe. The group has a presence in aerospace, agribusiness, aftermarket, automotive, components, construction equipment, defence, energy, farm equipment, finance and insurance, industrial equipment, information technology, leisure and hospitality, logistics, real estate, retail, and two wheelers.
It was incorporated in 1945 by the brothers J.C. Mahindra and K.C. Mahindra and Malik Ghulam Muhammad in Ludhiana, Punjab.
Source: – Tech Mahindra’s Press Release