US-based Bain Capital Private Equity (PE) has acquired a stake in CitiusTech joining Baring Private Equity Asia (BPEA) EQT as a shareholder in the healthcare technology services provider.
Baring Private Equity Asia acquired a majority stake in CitiusTech in 2019.
Financial terms of the private transaction were not disclosed.
“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, personalized, and data-driven,” said Bhaskar Sambasivan, Chief Executive Officer of CitiusTech.
Besides Bain Capital PE, other investors in the race for this investment included Carlyle, Apax Partners, TPG and Fujitsu, among others.
CitiusTech, founded by IIT-Bombay graduates Koita and Jagdish Moorjani in 2005, provides digital healthcare technology services and solutions such as software development, regulatory compliance, business intelligence and analytics.
With over 7,500 healthcare technology professionals worldwide, CitiusTech helps over 130 leading healthcare and life sciences organizations deliver better outcomes, transform care and business processes, and make a meaningfully positive impact on patients.
Citius had raised $111.25 million from private equity giant General Atlantic in March 2014, going by VCCEdge, the data and research platform of VCCircle.
In 2019, Baring Private Equity Asia had signed a definite agreement to buy CitiusTech.
“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.
For Bain Capital PE, this is the fourth Indian investment deal in 2022. In May, it had made investment in Delhi-based real estate developer TARC Ltd and also partnered with Ivanhoé Cambridge to invest in Lodha developers to jointly invest $1 billion.
In March, it had agreed to acquire 24.98% equity stake in IIFL Wealth Management Limited for Rs 3,680 crore ($485.6 million).
In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital, and real estate, managing approximately $160 billion in total and leveraging the firm's shared platform to capture opportunities in strategic areas of focus.
Last year in June, CitiusTech announced the acquisition of SDLC Partners, a payer-focused technology solutions company in Pittsburgh, Pennsylvania.