8K Miles buys US-based SERJ Solutions for Rs 16 cr

Cloud computing firm 8K Miles Software Services today acquired US-based SERJ Solutions for around Rs 16 crore to step up its presence in the healthcare market.
8K Miles -- the only listed cloud computing firm in the country -- said that it expects Rs 45 crore in incremental revenue in the first year.
Commenting on the deal, 8K Miles Founder Chairman and Chief Executive Suresh Venkatachari said the buyout will help the company serve hospitals and healthcare providers by providing end-to-end software as a service tech platform.
"By taking advantage of our expertise in cloud technology and information security, and combining that with deep healthcare domain expertise, this acquisition will allow us to create a compelling suite of cost effective hosted SaaS solutions for healthcare service providers.

"This will enable organisations to dramatically improve operating margins in a short time, and use scarce capital to focus on patient care," said Venkatachari.
Shares of 8K Miles today hit the 10 per cent upper circuit to close at Rs 625.65, while the benchmark Sensex inched up 2 per cent in lacklustre trade.

While promoters own around 52 per cent in the company, in August this year leading American fund house DSP Blackrock had picked up 3 per cent in the firm and Sundaram MF picked around 2 per cent in September.
The Silicon Valley-based 8K Miles is a preferred partner of Amazon Web Service and is a certification lab partner for the US government health programmes.

In the September quarter, the company had posted a profit after tax of Rs 4.14 crore.