Practo Technologies Pvt. Ltd, a web-based clinic management software developer, has today announced the acquisition of US-based advanced analytics firm Enlightiks Inc. and its Indian operations in a cash-and-stock deal.
The deal, which details the acquisition of Bengaluru-based Enlightiks Business Solutions Pvt. Ltd, an advanced analytics platform offering business intelligence solutions to healthcare enterprises, is valued at Rs 92 crore (about US$13.9 million).
Post acquisition, the entire 50 member team of Enlightiks will join Practo and form part of an analytics business unit within the company. The unit is said to be headed by Enlightiks co-founder and CEO, Vamsi Chandra Kasivajjala.
This is Practo 5th acquisition till date and its 3rd in the enterprise space. In 2015, the company has acquired four companies – hospital information management solution provider Insta Health for US$12 million, hospital appointment scheduling firm Qikwell, a web and app-based fitness management platform FithoWellness as well as product outsourcing firm Genii.
The primary offering for Enlightiks comes through its proprietary business intelligence and predictive analytics platform – Querent which provides actionable insights for healthcare providers using complex mathematical, statistical, computational and cognitive models.
“This brings Practo closer to its vision of simplifying healthcare by providing end-to-end solutions for the entire eco-system,” said Shashank ND, the Founder & CEO of Practo. “With Querent, we will be able to help CXOs make their enterprises run more efficiently which should improve the overall quality of care while making it more affordable.”
Enligtiks was co-founded in 2012 by Shilpa Peri, Venkatesh Pagidimarri, Dr. Bas Nair and Vamsi Chandra Kasivajjala. The founding team was later joined by Shaunak Joshi and Sunil Kondala.
Their business intelligent solution Querent is capable of providing accurate predictions for key business metrics which will aid enterprises in proactive decision-making that can help create a positive impact on short to medium term business actions.
Besides, the platform also has an ability to read both structured and unstructured information and apply advanced machine learning and deep learning techniques to uncover hidden insights. Querent also facilitates visual interpretation of the collected information in order to generate useful insights for healthcare enterprises across various departments including operations, finance, quality, pricing, marketing, customer management and risk assessment.
More than 200 healthcare centers including hospitals and clinics across the nation are currently using this platform. The list of clients includes names such as Apollo Sugar Clinics Ltd, Kokilaben Dhirubhai Ambani Hospital, Inamdar Multispecialty Hospital, Fernandez Hospitals Pvt Ltd, Eye-Q Vision Pvt Ltd, Sparsh Sandor Nephrocare Services Pvt Ltd, Ramesh Hospitals and more.
While founded in 2008 by Shashank ND and Abhinav Lal, Practo is one of the most well-funded healthcare startups in the country whereby the company has more than US$120 million in funds.
The company raised $90 million in August 2015 through a Series C funding led by Chinese media and technology conglomerate Tencent Holdings Pvt Ltd. It raised $30 million in a Series B round from Sequoia India and Matrix Partners in February 2015. While in 2012, Practo had raised $4.6 million from Sequoia Capital in a Series A funding round.
The firm helps patients book appointments with doctors online and also enables doctors in primary clinics and hospitals to manage patient records under a software-as-a-service (SaaS) model. Practo also facilitates online delivery of medicines, e-consultation and beauty and wellness products.
Commenting on the M&A, co-founder of Enlightiks, Vamsi said “Enlightiks is thrilled to join Practo. We share the same passion for democratising healthcare access for billions of people where business intelligence and analytics are critical.”
“We chose Practo so that we can collaborate and work towards offering superior, comprehensive and integrated solutions for healthcare providers. I look forward to working with Shashank and the Practo team in realising our shared vision of transforming healthcare,” he adds.
By Vivian Foo, Unicorn Media