The global arm of Apollo Group's has bought US-based Armanti Financial Services (AFS) for $31Mn in a deal to form largest healthcare company.
The global arm of Apollo Group's has bought US-based Armanti Financial Services (AFS) for $31Mn in a deal. This made the combined entity among the major healthcare processing companies in receivables management’s hospital business.
Apollo Health Street or AHS, Apollo is world healthcare service company, provides healthcare centered business process outsourcing (BPO) and IT services, whereas Armanti, which has its head office located in New Jersey, is among the major hospital receivable management and billing companies.
Acquisition all over internal accruals, debt and equity shall be over in 3 years and AFS shall stay behind AHS’s hundred percent subsidiary in U.S. This acquisition has made Apollo-AFS one of the biggest healthcare processing companies in hospital and physician world. The joint entity is responsible for the management of receivables of more than $1Bn per year.
After the acquisition, AHS expects to augment its revenues to USD45Bn in twelve months and anticipates to pushing up revenues to USD100Mn within 18 months. Apollo Group had invested $12Mn in AHS that’s growing at above 70% since its inception 3 years ago.
According to AHS’ managing director, the company is one of the top 3 healthcare companies in India, and is aimed to become number 1. Company’s growth, which is led by acquisitions, is likely to be 50-60 percent.
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