EXL to acquire SCIO in $240 mn deal

Operations management and analytics company EXL today said it will acquire SCIOInspire Holdings, Inc as part of a USD 240 million deal.

Both EXL and SCIO have operations in India.

"The aggregate merger consideration is USD 240 million, subject to adjustment based on, among other things, SCIO's cash, debt, working capital position and other adjustments set forth in the merger agreement," EXL said in a statement.

EXL intends to fund the purchase with available cash on hand and borrowing from its credit facility, it added.

The acquisition is expected to close in the next three months, subject to the fulfilment of certain closing conditions, including regulatory and other customary consents.

SCIO is a Connecticut-based leading healthcare analytics solution and services company. It serves over 100 healthcare organisations and has more than 1,100 professionals in locations across the US, the UK and India.

"SCIO's analytical tools and expertise in healthcare claims payment and care optimisation expands EXL's market-leading advanced analytics and healthcare capabilities," EXL Vice Chairman and CEO Rohit Kapoor said.

He added that combining SCIO's workforce to its own team of over 2,000 clinicians and more than 3,000 data scientists worldwide "significantly increases our ability to scale to meet the needs of larger clients and increases our reach into pharmacy benefit managers, healthcare providers and life sciences companies".

TripleTree, LLC served as the exclusive strategic and financial advisor to SCIO in the transaction.

Headquartered in New York, EXL has more than 27,000 professionals in locations throughout the US, India, Philippines, Australia and Europe among others.