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April 7, 2005

ICICI OneSource buys healthcare BPO vendor RevIT

ICICI OneSource, the Mumbai, India-based business process outsourcing arm of India's largest privately owned bank, has acquired RevIT Systems, a Chennai, India-based healthcare claims processing company.

By CBR Staff Writer

Although company officials refused to comment on the deal, industry sources added said that the deal is valued in the range of $15m to 18m.

RevIT provides administration services to US healthcare insurance companies including Magna Care and Blue Cross Blue Shield in Michigan and has revenues in the range of $6m to $8m.

UTI Venture Funds, a subsidiary of a local financial institution and TDA Capital Partners have invested $2.3m for a minority stake in RevIT and its subsidiary, Sherpa Business Solutions.

ICICI OneSource reportedly outbid several other local BPO vendors to acquire RevIT, including Wipro Spectramind. Analysts said that the healthcare offshoring market is forecast to grow by more than 50% a year going forward.

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