Avendus Advises MEDICOM on its Strategic Merger with IBA
MEDICOM, a high end Healthcare Information System Product Company based in Bangalore, India announced today its merger with IBA Health Limited, (ASX: IBA), the largest health information technology company listed on the Australian stock exchange. Avendus acted as the exclusive advisor to MEDICOM in this transaction.
(PRWEB) September 28, 2005
MEDICOM has been the product of choice in over 150 healthcare institutions worldwide. Following the merger the combined entity will have a global team of over 450 health and technology professionals and over 420 hospitals and clinics across South Africa, Middle East, South East Asia, Australia and New Zealand.
The transaction valued at US$ 24 million, will make IBA and MEDICOM combination a leader in the Healthcare Information Technology market in Africa, Middle East and Australasia.
Shyam Shenthar, Vice President, Avendus Advisors, said “This transaction further consolidates India’s position as the IT hub of the world. The growing interest in Indian IT, not only from the traditional US firms, but from the newer areas such as Europe and Australia, bodes good future for the technology sector here”.
Mr. Amrit Chopra, Vice Chairman and CEO of MEDICOM, said “We are excited about merger. The IBA and MEDICOM skills are complementary. The synergy generated by this strategic tie up will fuel the growth of the combined entity and attain scales which will position us as a major player in the global healthcare information technology market across the globe”
Mr. Steve Garrington, CEO of IBA Health, said “This combine has created a true multinational entity for both companies. We now have a leading presence also in Africa, Middle East and Malaysia. The R&D capability and development facility of MEDICOM gives an opportunity for us to consolidate the development work. MEDICOM will be the flagship product for the merged company. We believe that this combination gives us the growth engine for the future.”
About Avendus Advisors Pvt Ltd:
Avendus Advisors is an investment bank offering Private Equity Syndication, M&A, Fixed Income and Strategic Advisory services to corporates and funds. Avendus has strong research capabilities and relationships which it leverages to close transactions for its clients in aggressive time frames. With a strong Indian presence and global relationships, Avendus has been an investment bank of choice both for international investors and companies who are scouting for business opportunities in India and Indian companies looking at strategic initiatives in overseas markets.
In the past nine months Avendus has helped close transactions valued at more than US$100 million including the buyout of Fremont California based Cymbal Corporation by Patni Computers for US$68 million, the buy out of Majoris by Valtech, France for US$10.5 million and helping Softbank Asia Infrastructure Fund L. P. (SAIF) acquire equity shares of IL&FS Investsmart Limited.
Avendus currently focuses on industries where Indian companies have a strategic growth advantage and these industries include IT Services, IT Enabled Services, Pharmaceuticals and Healthcare, Media and Consumer Products and Services.
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