Comments
Piramal Enterprises has acquired US-based healthcare software firm Adaptive Software for $24.5 million. The payment will be made in a staggered fashion, part of which will be made only if the company achieves performance targets.
The acquisition will take place through Piramal's US subsidiary, Decision Resources Group, Piramal said in a BSE statement.
Adaptive sells a suite of software products to US-based Pharmacy Benefit Managers (PBMs) and health insurers, both of which must maintain complex pharmacy benefit design data accurately and in real-time (e.g. drug lists, formularies, restriction, and pricing). These products streamline prescription formulary management, pharmacy networking, pricing, and pharmacy benefit design.
In fiscal years 2013, 2014 and 2015, Adaptive’s revenues on a cash basis were $0.6 million, $2.0 million and $3.2 million, respectively.
No governmental or regulatory approvals are required for this transaction, Piramal said.
The Piramal stock ended 2.6 per cent lower on the BSE on Tuesday at Rs 885.50
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.