CareStack, a US-headquartered cloud-based dental software services firm, has acquired Waybeo, an Indian startup that counts Bharti Airtel Ltd as an investor.
The acquisition will help CareStack integrate Waybeo's technology with its dental care platform, it said in a statement. It didn’t disclose financial terms of the transaction.
“We are expanding capabilities and reshaping patient communication. Our collective strength will transform dental operations, empowering practices with cutting-edge tools," said Abhilash Krishna, CEO of CareStack.
The acquisition will help Waybeo accelerate growth, and expand its footprint in India and international markets. It will also target sectors beyond healthcare, such as automobile, consumer durables, insurance, broking, and real estate. Mumbai will be the firm’s key business hub, CareStack said.
Waybeo was founded by Krishnan RV, Manu Dev, and Bijoy BS. Telecom operator Airtel invested in Waybeo in 2020.
The company offers advanced intelligence services in ad-generated phone calls. It boasts a clientele of 56 enterprise customers nationwide. These include Royal Enfield, Tata Motors, and Honda Cars India. Waybeo’s revenue has grown at an average annual pace of 39.42% over the last seven financial years, CareStack said.
“This acquisition is a strategic move that combines Waybeo's tech proficiency with CareStack's market reach. It's a leap toward advancing patient care standards. We are not just streamlining communication but helping elevate patient care experiences in healthcare facilities," said Krishnan, co-founder and CEO of Waybeo.
Established in 2015, CareStack offers cloud-based dental practice management software. It is headquartered in Florida and has an office in Trivandrum, Kerala. The company counts Steadview Capital, Eight Roads, Accel and F-Prime among its investors.