EXL is expanding its footprint in healthcare analytics by announcing the acquisition of SCIOInspire Holdings, a West Hartford, Conn.-based company that offers healthcare analytics solutions and services under the SCIO Health Analytics brand name.
New York-based EXL has set a price of $240 million for the acquisition. That amount is 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 executives say the company intends to fund the purchase with available cash on hand and by borrowing from its credit facility. The acquisition is expected to close in the next three months, subject to the fulfillment of certain closing conditions, including regulatory and other customary consents.
The move is intended to deepen EXL’s investment in healthcare and analytics.
SCIO’s analytical tools and expertise in healthcare claims payment and care optimization expands EXL’s advanced analytics and healthcare capabilities, says Rohit Kapoor, EXL’s vice chairman and CEO. “Combining the talented team at SCIO to our team of 2,000-plus clinicians and 3,000-plus 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,” he adds.
The combined companies have aggregated knowledge workers who can aid healthcare organizations in the transition to value-based care, says Siva Namasivayam, founder and CEO of SCIO Health Analytics. “Our combined synergies and innovation in end-to-end cost recovery, care management and population risk management deliver powerful solutions to our clients – helping healthcare organizations achieve optimal outcomes while reducing the total cost of care.”
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