Hinduja Global Solutions acquires Colibrium
PTI March 31, 2015
Hinduja Global Solutions (HGS) has acquired majority stake in the US-based Colibrium Partners and Colibrium Direct (Colibrium), a wellness automation technology firm, for an undisclosed amount.
Colibrium has developed a cloud-based platform that facilitates end-to-end work flow automation capability to healthcare service providers.
The acquisition will bring complementary platform and servicing capabilities to HGS in sales and enrollment areas for the US and global health insurers.
The acquisition has been made by HGS Colibrium Inc, a US subsidiary of HGS, which would own 89.9 per cent stake in Colibrium and the balance will be held by the founders, HGS said in a statement.
For the year ended December 31, 2014, Colibrium reported revenues of $12.6 million (about Rs 79 crore), it added.
HGS already serves Fortune 100 health insurance clients, providing services in administrative and clinical functions.
The acquisition of a health insurer technology and services company in the US market complements and increases the already strong healthcare payer servicing capability of HGS, it added.
The cloud-based platform for online self-service combined with a pool of licensed health insurance agents are the key drivers behind this acquisition, the statement said.
"With more than 30 clients, a leading technology platform and several hundred licensed health insurance agents, this investment in the fast evolving health insurance market represents a significant competitive advantage for HGS," HGS Chief Executive Officer Partha DeSarkar said.
Shares of HGS were trading at Rs 555 apiece in late afternoon, up 2.07 per cent from its previous close on the BSE.