AntWorks acquires U.S.-based Benchmark Systems
October 10 2015 - 2:42AM
Business Wire
- AntWorks now present in 6 countries,
3 continents with 400 plus customers
- AntWorks plans to create global
scale with cloud-based platform
- Post acquisition AntWorks will focus
on improving clinical, economic outcomes in Hospitals, Physician
Offices and other Care Settings
- Transaction immediately accretive to
AntWorks’ adjusted revenues
- AntWorks expected to generate $15-17
mln in revenues in the next 12 months of operations
Barely four months into existence, AntWorks Pte. Ltd.
(http://ant.works/) has made its first acquisition by taking over
U.S.-based Benchmark Systems (http://www.benchmark-systems.com/) to
make possible the development of leading-edge solutions that will
advance patient care across the world.
Technology startup AntWorks and Benchmark Systems, a leading
cloud-based Healthcare Application Services Provider, today
announced that the Board of Directors of both companies have
unanimously approved a definitive agreement under which AntWorks
will acquire Benchmark Systems, which will generate $10 mln in
revenue in the next 12 months.
Through the acquisition, AntWorks expects to play an even
greater role in improving physician practices and ambulatory care
globally and achieving greater levels of efficiency and reducing
healthcare costs for its customers. The addition of Benchmark
Systems significantly boosts AntWorks’ presence in the global
healthcare solutions sector which is slated to touch $150 billion
by 2020.
Healthcare providers in over 120 specialties and sub-specialties
use Benchmark Systems’ integrated solutions on a daily basis and
its suite of software has been built by leveraging 35 years of
expertise in working with ambulatory healthcare providers to solve
profitability and limited time issues.
Benchmark Systems will continue to operate as a standalone brand
with integrated R&D activities with AntWorks’ existing
infrastructure.
The healthcare industry is undergoing a major transformation due
to the challenge of providing more cost-effective personalized
care.
Majority of the demand for healthcare IT solutions is driven by
the growing need to reduce healthcare costs while adhering to the
regulatory requirements set by government organizations for
ensuring safety, security, and confidentiality of patient
information. The growing adoption of health information exchanges
(HIEs) and electronic health records (EHRs) systems and improved
quality of care and clinical outcomes are some other factors
driving growth of the global healthcare IT market.
In addition to the demand for information technology solutions
from healthcare providers, the growing need of healthcare insurance
providers to efficiently manage an in-depth record of claims and
reimbursements is also expected to contribute to the growth of the
global healthcare IT market during the forecast years.
Management Commentary
Asheesh Mehra, Co-Founder and CEO of AntWorks, said, “We are at
a stage in our life cycle where we are looking at platforms which
could help us in going global. The opportunity to acquire Benchmark
Systems is fantastic, not least because of the highly scalable
cloud based solutions which the company has developed, but also the
strong platform the company offers for growth in terms of talent,
clients, geographic footprint and offerings.”
He added, “AntWorks will now be able to offer a fully integrated
suite of leading edge technology solutions including Patient
Portal, Scheduling, Electronic Health Records, Practice Management,
and Revenue Cycle Management at a price point that is affordable to
solo physicians and large group practices.”
Strategic Benefits of the
Acquisition
- Significantly Increases AntWorks’
Size and scale: Paired with AntWorks, the deal creates a global
healthcare sector solutions provider of significant size and
scale.
-
Immediately Accretive to AntWorks’
Adjusted Gross: The strategic acquisition will allow AntWorks
to reach out to Benchmark Systems’ 400 strong customer base across
the 40 states of the U.S.
- Creates Premier Global Healthcare
Solutions Company Focused on Improving Clinical and Economic
Outcomes: With the complimentary product portfolios of AntWorks
and Benchmark Systems, the company will have enhanced customer
relevance and a strengthened competitive position.
- Creates Stronger, More Diversified
Platform to Drive Growth: Benchmark Systems provides services
ranging from the initial set up to training, ongoing support, and
maintenance services, and offers a full billing and collections
outsourcing platform. Benchmark also offers auditing and
comparative benchmarking of key metrics against other practices of
the same size and specialty. Furthermore, combined entity’s
enhanced breath of resources will enable it to further invest in
its R&D programs and pursue additional opportunities.
- Creates Additional Opportunities for
Employees: A combined AntWorks and Benchmark Systems will
result in a significantly larger global company with presence in
over six countries across three continents, delivery centers in two
countries and over 400 employees around the world. Employees in the
combined company are expected to have more opportunities to pursue
careers across a larger, more diversified global business.
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version on businesswire.com: http://www.businesswire.com/news/home/20151009006015/en/
Mavcomm ConsultingSourav Sen,
+919650111779s.sen@mavcommgroup.com