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Our Bureau

Two more acquisitions likely this year

Hyderabad March 16 Healthcare and software services provider iMedX has announced that it has acquired Tidewater Medical Transcription Services Inc, (TMTS), as it complements its healthcare-focussed business.

The company declined to disclose the deal value citing non-disclosure agreement and said that it was in pursuit of two more acquisitions, and is likely to close them during the year.

The President and CEO of iMedX, Mr Venkat Sharma, who is a serial entrepreneur and part of a Swiss venture firm, said that the healthcare market is heavily regulated in the US by the Federal Government, making technology spend mandatory.

The spend relates to maintaining medical records electronically and gradual shift towards electronic prescriptions. Mr Sharma claimed they were the first company to develop an electronic prescription system and launched it in July, and have commercially begun to offer it in the US.

The company employs about 1,000 people in India and the US, both directly and through franchise partners, and may add about 500 more during the year.

Mr Sharma said that its platform TurboScribe helps hospitals and doctors in better maintenance of electronic records of patients, and in medical transcription business for storage of records for longer time.

The company hinted at the possibility of an IPO next year.

More Stories on : Mergers & Acquisitions | IT-enabled Services

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