Virinchi Tech acquires majority stake in Asclepius Consulting

NEW DELHI: In an all-cash deal, software firm Virinchi Technologies has acquired majority stake in Bangalore-based Asclepius Consulting, which develops IT products mainly for hospitals

Hyderabad-based Virinchi, which develops software products and provides services, said in a filing to the BSE today that it has acquired a majority stake in Asclepius Consulting to "enhance top management band width".

It, however, did not disclose financial details and percentage of stake acquired in the latter.

Virinchi, which provides IT solutions to the retail micro lending industry mainly in the US and the UK, had reported revenues of Rs 42.59 crore in the last financial year.

"The acquisition is central to our pursuit of a broad based cross industry growth strategy across IT products and services, IT enabled business services in the domains of healthcare, education, media & entertainment and financial services," Virinchi Director Viswanath Kompella said in a statement.

Asclepius brings a strong management team which has vast IT product development skills combined with with domain depth in the healthcare and financial services industry, he said.

Virinchi scrip closed 8.16 per cent up at Rs 7.69 on the BSE.