New Delhi, April 28 -- Perfios Software Solutions, backed by private equity firms Warburg Pincus and Kedaara Capital, has acquired IHX, a healthcare information exchange platform. The financial terms of the deal were not disclosed.
IHX is a significant player in India's health insurance claims ecosystem, currently processing over 40% of all cashless health insurance claims in the country. The platform handles more than 10 million transactions annually, amounting to $1 billion (Rs 8,400 crore) in claims, and partners with 30,000 hospitals across 1,200-plus locations nationwide.
"The combination of Perfios' cutting-edge technology stack, advanced decision analytics, and global scale with IHX's deep domain expertise, unique data exchange platform and trusted network across hospitals and payers sets the stage for our accelerated growth and expanded impact," said Mahesh Nagaraj, managing director of IHX.
Perfios, a software-as-a-service (SaaS) company, has been on an acquisition spree in recent months.
Last month, it acquired debt management and collections platform CreditNirvana to bolster capabilities in collections and debt management. Earlier this year, it also acquired fraud detection platform Clari5 for an undisclosed amount.
Founded in 2008 by V.R. Govindrajan and Debashish Chakraborty, Perfios operates as a B2B SaaS platform serving the banking and financial services industry across 18 countries. Its offerings support various functions, including customer onboarding, decision-making, underwriting, and monitoring.
In addition to Warburg Pincus and Kedaara Capital, Perfios' investor base includes venture capital firms Bessemer Venture Partners and Teachers' Venture Growth.
The company's consolidated net profit surged to nearly Rs 72 crore in FY24 from around Rs 8 crore in FY23, driven by strong revenue growth, as per VCCEdge, the data research platform of VCCircle.
Talking about the latest acquisition, Sabyasachi Goswami, CEO of Perfios, said, "By combining IHX's stronghold in the healthcare ecosystem with Perfios' deep expertise in data intelligence and analytics, we are poised to drive greater efficiency, reduce claims turnaround time, and elevate the experience for both patients and healthcare providers."
Published by HT Digital Content Services with permission from VC Circle.