Sequoia, Saama to exit US, India-based analytics company
Sequoia Capital India and Saama Capital will exit their 10-year investment in ScioInspire Holdings, a healthcare analytics platform with operations in the US, UK and India, through a merger with US-listed industry peer EXL.
EXL will pay $240 million for ScioInspire, subject to adjustments in the final merger agreement, according to a statement. ScioInspire’s analytics tools will be used to enhance EXL’s capabilities in cost and care optimization, while the addition of its 1,100 global employees to EXL’s team will allow the buyer to scale its services for larger clients and appeal to new customers.
ScioInspire was founded in 2007 and provides health analytics services to over 100 healthcare organizations worldwide including care providers, insurance companies, employers and life science companies. Its analytics platform aims to transform raw data into useful insights about patients’ healthcare needs and cut down on waste in the healthcare industry.
Sequoia and Saama invested in ScioInspire in 2008, committing an undisclosed amount of Series A funding alongside US-based private equity firm Health Enterprise Partners. Following the investment, the Connecticut-based company strengthened its India office in Chennai, which provides technological and analytic support for its global operations and also markets the company’s analytics products to Indian clients.
The company has raised almost no external funding apart from the Series A round according to Shailendra Singh, a managing director at Sequoia, who tweeted that the founders had “built the business frugally and profitably, with immense commitment and focus,” and that the company was “funded by revenues and profits [in the] last few years.”
EXL is headquartered in New York and has offices on six continents. Its Asia operations are mainly in India and the Philippines. The company provides analytics services to companies in a range of sectors, including insurance, healthcare, financial services, utilities, travel and logistics. EXL reported $762 million in revenue and $62 million in net profit for 2017.
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