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Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, on Monday said it will fully acquire Paramount Health Services & Insurance TPA at an enterprise value of Rs 311.8 crore. Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked a pact with Fairfax Asia and Nayan Shah & family to acquire Mumbai-based Paramount Health Services & Insurance TPA. Paramount is a prominent player in the TPA space, owned by Fairfax Asia and the Shah family. With the acquisition of Paramount TPA, Medi Assist TPA's market share will grow to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry, by premiums managed, the company said. The acquisition represents one of the largest TPA deals in India, with an enterprise value of Rs 311.8 crore, subject to regulatory (Irdai) approvals, it added. Paramount TPA works with 30 insurers and over 3,000 group customers and retail ...
The deal activity in the global technology services sector has softened, with over 150 transactions announced in the first quarter of 2023 compared to 270-plus deals in Q1 2022 and over 220 in the first quarter of 2021, according to an EY-Nasscom report. The report - Mergers and Acquisitions (M&A) Trends and Outlook in the technology services sector - noted that in 2022, the technology service sector proved to be a year of paradoxes. Despite signs of a slowdown at the end of the year and in Q1 CY23, the technology service sector witnessed a surge in M&A and private equity deals, reaching a total of over USD 57 billion in 2022, which was more than double the amount seen in 2020 (at over USD 27 billion). On the outlook for 2023, the report said that with greater emphasis on emerging digital capabilities, the market is likely to become more cautious and adopt creative deal structures to manage risk. "Although deal activity has softened, with 150 plus deals announced in Q1 CY23 ...