Apollo Health Street acquires US firm for $31 mn
Apollo Health Street Pvt Ltd, the Business Process Outsourcing (BPO) arm of Chennai-based Apollo Hospitals group has acquired the US-based Armanti Financial Services, LLC, for a consideration of $31 million (Rs 3.1 crore).
By PTI |
NEW DELHI: Apollo Health Street Pvt Ltd, the Business Process Outsourcing (BPO) arm of Chennai-based Apollo Hospitals group has acquired the US-based Armanti Financial Services, LLC, for a consideration of $31 million (Rs 3.1 crore).
AFS is one of the largest Hospital billing and receivables management company in New Jersey, US, and after the acquisition, the combined Apollo-AFS entity will be amongst the largest healthcare processing company in the hospital and physician space responsible for receivables management of over one billion dollar annually, the company said in a statement.
"The acquisition of AFS affirms AHS's commitment to the healthcare space and its leadership position by leveraging the best across geographies to deliver exceptional value to its customers." Apollo Health Street Managing Director Sangita Reddy said.
AHS said it was committed to maintain and further grow operations and workforce both in India and the US. The combined entity now has over 1,500 employees with nearly 25 per cent of them being based in the US.
AFS promoters would continue to be responsible for the ongoing operations and would help further expand Apollo's operations in the US, it said.
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"This acquisition brings together a global team of some of the most knowledgeable healthcare professionals and would help in expanding the scope of service to both AFS's and AHS's existing customers," Armanti Financial Services Promoter and Managing Partner William Colgan said.Download
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