Mumbai-based Firstsource Solutions, a pure-play business process outsourcing provider, has acquired US-based MedAssist Holding for $330 million (Rs 1,353 crore).The deal is subject to regulatory approval under the US health services research (HSR) statute.It is the second-largest acquisition after Wipro bought out Infocrossing for about $600 million.
Firstsource has raised a debt of $275 million at 2.5-3 per cent above the LIBOR (London Inter-Banking Official Rate) for a five-year term. The balance $55 million will be paid through internal accruals. The company has a cash reserve of $80 million (around Rs 328 crore).
MedAssist is a debt-free company with a top line of $99 million. Its EBITDA margins are in the range of 22-24 per cent.
MedAssist, headquartered in Louisville, Kentucky has 1,400 employees and is a pan-American provider of revenue cycle management services to the healthcare industry. It has over 800 clients, including hospitals, large physician groups and alternate site providers.
Read more in The Business Standard article.
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