Healthtech platform IKS Health, backed by late veteran investor Rakesh Jhunjhunwala’s Rare Enterprises, has acquired clinical documentation service company Aquity Solutions for a cash consideration of $200 million (around Rs 1,665 crore).
IKS Health, operated by Inventurus Knowledge Solutions Ltd, will fund the transaction via internal cash and the debt availed from a consortium of JPMorgan, Citibank and SMBC Bank. The combined entity will operate under IKS Health.
According to a statement, the combined entity will have annual revenue of over $330 million and a global workforce of over 14,000 staff, which will cater to more than 150,000 clinicians across hospitals, health systems and specialty groups in the US.
Additionally, the acquisition will provide an exit to all of Aquity’s existing shareholders, the statement added.
This development comes on the heels of IKS Health making strategic technology investments in Abridge, a generative AI platform to reduce administrative burden and Sift Healthcare, a predictive analytics solution for revenue cycle management.
Founded in 2006, IKS Health helps hospitals improve their operational management. It provides services related to administrative, clinical, and operational aspects of hospital management. Its service offerings include revenue optimisation, clinical support, value-based care, and digital health solutions.
On the other hand, Aquity Solutions has more than 40 years of experience and primarily caters to healthcare provider clients through outsourced services. AQuity is headquartered in Cary, North Carolina. It employs nearly 6,000 individuals. It also has offices in India, Australia, Canada, and the UK.
Aquity’s rich datasets will enable IKS to rapidly mature and scale its proprietary AI solutions with critical expertise and guidance from reinforced learning through human feedback, the company said.
