Tech Mahindra acquires stake in VitalTech
Tech Mahindra has agreed to acquire a minority stake in VitalTech Holdings, Texas, a US-based health-tech startup as part of efforts to strengthen its healthcare software services business.
Tech Mahindra in a stock-exchange filing said the investment will help the company’s healthcare customers in their digital transformation journey.
The company will first invest $3 million in VitalTech for a 6.03% stake. It also has an option till January 2021 to buy another 8% stake in the company for $5 million.
VitalTech offers cloud-based tele-health and remote patient monitoring platform development and services.
The startup was incorporated in May last year. Its revenue for the financial year ended December 31, 2019, was $396,000. It has 35 full-time employees and 10 on contract.
In November last year, Tech Mahindra had agreed to acquire Born Group Pte. Ltd and its Indian unit as part of efforts to enhance its consulting capabilities.
In April last year, the IT firm sealed a deal to acquire 18.1% stake each in Infotek Software & Systems Pvt. Ltd and Vitaran Electronics Pvt. Ltd for a total of up to Rs 13 crore.
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