Healthtech platform IKS Health, backed by late veteran investor Rakesh Jhunjhunwala’s Rare Enterprises, has acquired medical documentation service firm Aquity Solutions for a money consideration of $200 million (round Rs 1,665 crore).

IKS Health, operated by Inventurus Knowledge Solutions Ltd, will fund the transaction by way of inner money and the debt availed from a consortium of JPMorgan, Citibank and SMBC Bank. The mixed entity will function beneath IKS Health.

According to a press release, the mixed entity may have annual income of over $330 million and a worldwide workforce of over 14,000 employees, which is able to cater to greater than 150,000 clinicians throughout hospitals, well being techniques and specialty teams within the US.

Additionally, the acquisition will present an exit to all of Aquity’s present shareholders, the assertion added.

This growth comes on the heels of IKS Health making strategic know-how investments in Abridge, a generative AI platform to scale back administrative burden and Sift Healthcare, a predictive analytics resolution for income cycle administration.

Founded in 2006, IKS Health helps hospitals enhance their operational administration. It supplies companies associated to administrative, medical, and operational points of hospital administration. Its service choices embody income optimisation, medical help, value-based care, and digital well being options.

On the opposite hand, Aquity Solutions has greater than 40 years of expertise and primarily caters to healthcare supplier purchasers via outsourced companies. AQuity is headquartered in Cary, North Carolina. It employs practically 6,000 people. It additionally has places of work in India, Australia, Canada, and the UK.

Aquity’s wealthy datasets will allow IKS to quickly mature and scale its proprietary AI options with vital experience and steering from strengthened studying via human suggestions, the corporate mentioned.