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Mergers & Acquisitions | 5 September 2013

Virinchi Tech Buys Majority Stake Asclepius Consulting

by Charmi Gutka
Virinchi Tech Buys Majority Stake Asclepius Consulting
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Virinchi Technologies has acquired majority stake in Bangalore-based Asclepius Consulting, which develops IT products mainly for hospitals in all cash deal to enhance top management bandwidth, ET states.

The company said this acquisition was central to its 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.

Founded in 2007 by Satyajeet Prasad, Vishal Ranjan and Aravind Hiremath, Asclepius Consulting is a Healthcare IT company which owns a world class suite of hospital software products, called Charak, which is among the most comprehensive hospital management software solution in India – capable to digitize the entire administrative and clinical workflow using Electronic Medical Records , Clinical Information System and Hospital Information System.

Asclepius Consulting has a strong portfolio, varied client base and a seasoned management team.

Promoted by Viswanath Kompella, Virinchi is a software products and services provider in retail micro lending industry mainly in the US and the UK.

Apart from strengthening the leadership team of Virinchi, Asclepius’ acquisition adds a strong Healthcare product portfolio to Virinchi’s current products to build deeper presence in the US Markets.

In 2005, Virinchi had acquired KSoft Systems Inc in a cash-cum-stock deal valued at $2.6 Mn (R11.4 Cr). KSoft, headquartered in New Jersey, the US, has Nestle, HP, Gartner, Barclays and Fresh Direct among its clients and focuses on packaged solution implementation.

The acquisition enabled Virinchi to expand into SAP implementation, business intelligence and custom application development along with enterprise integration and software maintenance.

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