Carlyle growth fund buys India BPO player

Financial details of the transaction have not been announced, but Indian media has reported that the deal will value Visionary at $65 million. The deal will provide an exit for IndoUS Capital, which invested $3 million in the company in 2010, according to AVCJ Research.

Visionary provides medical, diagnostic and procedural coding services, along with medical records audits and revenue cycle management (RCM), to multiple global healthcare providers. The company was founded in 2006 by Rajesh Surana, formerly a software developer at Microsoft and Bloomberg, and has 2,500 employees based in India along with two offshore delivery centers in Florida and California.

“We are delighted to partner with VRCM, a company with an experienced management team, a track record of high quality, consistent services and strong client relationships,” said Shankar Narayanan, managing director and co-head of CAGP V, in a statement. “As the medical coding and RCM services market continues to grow, we believe VRCM is well-positioned to capitalize on future market opportunities. We look forward to working with Rajesh and the VRCM team to support its next phase of growth.”

CAGP V launched last year with a target of $1 billion. Carlyle plans to make 15-20 investments form the vehicle, committing $30-75 million to each company and focusing on small buyout and late-stage growth capital investments. About 80% of the capital will be committed to China and India, while opportunities in South Korea and other key Asian countries will be considered as well.

Carlyle is also currently raising its fifth Asia buyout fund, which launched earlier this year with an initial target of $5 billion. The GP reported a first close of more than $4.5 billion last month.

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• Topics
• South Asia
• Buyouts
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• Healthcare
• India
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