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Tech Mahindra to set up healthcare unit with $94 mn deal

IT firm Tech Mahindra Ltd is setting up a new unit to sharpen its focus on winning contracts in the healthcare industry, one of the fast-growing segments for the outsourcing services providers, a senior executive said on Wednesday.

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Tech Mahindra to set up healthcare unit with $94 mn deal

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  1. Tech Mahindra To Set Up Healthcare

  2. 1. IT firm Tech Mahindra   Ltd is setting up a new unit to sharpen its focus on winning contracts in the healthcare industry, one of the fast-growing segments for the outsourcing services providers, a senior executive said on Wednesday.2. The unit, to be called nth dimension, has won an IT services project worth about 60 million pounds (USD 94.48 million) from Britain-based healthcare company CircleHealth, Tech Mahindra’s Rajib Bhattacharya, who will lead the new subsidiary, told Reuters. 3. “I think with this, in a few years’ time we will be able to leverage opportunities globally,” he said. Under the new deal, Tech Mahindra, which gets about 10 percent of its sales from healthcare clients now, will develop technologies for patient care and operational delivery, and reduce costs for the UK firm, CircleHealth CEO Steve Melton said.4. CircleHealth runs private hospitals and services for the UK’s National Healthcare Service. Tech Mahindra stock price On June 25, 2015, at 10:25 hrs Tech Mahindra was quoting at Rs 541.00, down Rs 4.9, or 0.9 percent. Tech Mahindra

  3. Tech Mahindra • Rivals like Cognizant Technology Solutions Corp and Infosys   Ltd have also sharpened focus on the healthcare sector on hopes the implementation of the US Affordable Care Act would boost outsourcing opportunities. Cognizant bought healthcare IT services provider TriZetto Corp for USD 2.7 billion in September. “Yes, we are actively seeking deals in the US as well,” Bhattacharya said. • The 52-week high of the share was Rs 749.50 and the 52-week low was Rs 496.80. The company’s trailing 12-month (TTM) EPS was at Rs 23.47 per share as per the quarter ended March 2015. The stock’s price-to-earnings (P/E) ratio was 23.05. The latest book value of the company is Rs 89.40 per share. At current value, the price-to-book value of the company is 6.05.

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