General Atlantic invests in CitiusTech

CitiusTech said Thursday that it has received “significant” funding from global growth equity firm General Atlantic. No financial terms were disclosed. CitiusTech is a provider of healthcare technology services and solutions.

PRESS RELEASE

PRINCETON, N.J.–(BUSINESS WIRE)–CitiusTech, a leading provider of healthcare technology services and solutions, today announced a significant investment from global growth equity firm General Atlantic LLC (“GA”). Financial details were not disclosed.
Founded in 2005, CitiusTech partners with over 50 leading healthcare organizations worldwide providing deep healthcare domain expertise and unique technology offerings to its clients. With over 1,400 professionals, CitiusTech has amongst the largest product engineering and professional services teams for building and implementing enterprise clinical applications worldwide. BI-Clinical, CitiusTech’s flagship healthcare BI and analytics platform, is deployed at over 3,800 provider locations, making it one of the most widely used ONC certified reporting and analytics platforms in the US market.
“Smart, strong technology helps more people achieve better health outcomes,” said Bill Ford, CEO of General Atlantic. “CitiusTech’s platforms help healthcare organizations and health care technology providers accelerate innovation and drive improvements in the cost and quality of care. We are proud to partner with CitiusTech and to support its growth.”
Rizwan Koita, chief executive officer of CitiusTech said, “The partnership with GA enables CitiusTech to leverage General Atlantic’s global presence and its expertise in the technology and healthcare marketplaces. We are excited to partner with General Atlantic and look forward to working closely to scale our business worldwide.”
“CitiusTech’s clinical data expertise and understanding of the evolving provider, payer and life science ecosystems differentiates it from traditional technology companies, and gives it a strong platform for sustained growth,” commented Sandeep Naik, managing director and head of General Atlantic’s India team. “We believe that CitiusTech is well positioned to support healthcare participants’ efforts to positively differentiate themselves.”
CitiusTech reported a 51% growth in corporate revenues in 2013, making it the sixth consecutive year of more than 50% revenue growth. The year also saw its CEO win the 2013 Ernst & Young Entrepreneur of the Year Award. CitiusTech has been awarded the Best Companies to Work Award in 2012 and 2013, by the Great Place to Work Institute®, and is the winner of the 2013 Indo-American Corporate Excellence Award in the area of technology and communication. CitiusTech is a member of HIMSS (the Health Information and Management Systems Society) and the prestigious CHIME (College of Healthcare Information Management Executives) Foundation.
General Atlantic focuses on providing growth equity globally to leading businesses in the following sectors: business services; healthcare; financial services; internet and technology; and consumer. GA’s recent investments include CareCore, a US-based healthcare firm; AND Designs, an India based fashion retailer; and Santander Asset Management, a global financial services firm.
About CitiusTech
CitiusTech is a specialist provider of healthcare technology services and solutions to healthcare IT vendors, providers, ACOs, health plans and life sciences companies. CitiusTech offers a wide range of healthcare technology services including healthcare software development, healthcare interoperability, Meaningful Use compliance, BI / analytics, care management and consumer health. CitiusTech’s BI-Clinical platform is a leader in healthcare BI and analytics, and is deployed at thousands of provider locations worldwide. With strong healthcare domain expertise across technologies, applications and standards, CitiusTech delivers best-in-class solutions with an unmatched cost advantage to global healthcare clients. For more information visit www.citiustech.com.
About General Atlantic
GENERAL ATLANTIC is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA has approximately $17 billion in assets under management and more than 80 investment professionals based in New York, Greenwich, Palo Alto, São Paulo, London, Munich, Amsterdam, Beijing, Hong Kong, Mumbai and Singapore. For further information and a listing of GA’s public and private portfolio companies see www.generalatlantic.com.

 

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