European firm Nordic Capital to acquire majority stake in healthcare software firm ArisGlobal
European buyout group Nordic Capital said it has agreed to buy a majority stake in US- and India-based healthcare software firm ArisGlobal LLC.
The deal, a person in the know told The Wall Street Journal, values ArisGlobal at $700 million (about Rs 4,880 crore at current exchange rate) including debt.
The software firm, which works with customers in the life sciences domain, has offices in Florida, Bengaluru, Europe, Japan and China, and had recently transformed its on-premises offering to cloud-based Software-as-a-Service (SaaS) model.
Sweden-based Nordic Capital said that ArisGlobal’s founder Deepak Abbhi and family will remain as minority stakeholders in the company.
Founded 30 years ago, ArisGlobal has 1,200 employees globally and had $100 million in annual revenues. While the company's founder Deepak Abbhi and chief executive Sankesh Abbhi are based in the US, chief operating officer and president for Asia-Pacific Ashok Katti works in Bengaluru. A large part of the company's workforce is also based in the city but TechCircle could not ascertain the numbers.
ArisGlobal said its LifeSphere platform has been adopted by the US Food and Drug Administration (US FDA).
ArisGlobal provides software solutions for the life sciences sector in areas like clinical development, regulatory, safety, medical affairs and quality, the company said.
Nordic Capital said that it wishes to remain a leading healthcare and technology investor and ArisGlobal had emerged as a leading and innovative company that worked with organisations to maintain regulatory compliance, manage and mitigate risk, and improve operational efficiency.
ArisGlobal claims to have as its customers more than 200 life sciences companies or 80% of the top pharma companies apart from government health authorities around the world. Its customers include AstraZeneca, Johnson & Johnson, Merck and Novartis.