General Atlantic invests in India's CitiusTech
General Atlantic has invested in Indian healthcare technology services firm CitiusTech. Financial details were not disclosed but GA is understood to have paid around $110 million for a significant minority stake.
Set up in 2005, Mumbai-headquartered CitiusTech provides a range of healthcare IT services and software for clinical data analysis. It partners with more than 50 healthcare organizations worldwide.
The business reported a 51% growth in revenues in 2013, making it the sixth consecutive year of more than 50% revenue growth, according to a release. The company has around 1,400 employees worldwide with eight offices across India, Singapore, the US and the US.
The investment will be used to help scale the business and increase its global footprint.
"CitiusTech's clinical data expertise and understanding of the evolving provider, payer and life science ecosystems differentiates it from traditional technology companies, and gives it a strong platform for sustained growth," said Sandeep Naik, managing director and head of General Atlantic's India team.
"We believe that CitiusTech is well positioned to support healthcare participants' efforts to positively differentiate themselves."
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