Healthcare Triangle Inc (NASDAQ: HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services, and data analytics platform company, announced today that it had acquired DevCool, ranked by Inc. 5000 as among the fastest-growing private companies in the U.S. in 2021.
Healthcare Triangle Inc (NASDAQ:HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services, and data analytics platform company, announced today that it had acquired DevCool, ranked by Inc. 5000 as among the fastest-growing private companies in the U.S. in 2021. The acquisition is expected to add approximately $20 million in revenue. The financial terms of the transaction are not disclosed.
DevCool provides Electronic Health Record Implementation and Managed Services to 6 of the top 10 Hospitals in the U.S. and specializes in providing services to cancer research hospitals and university medical centers. The combined entity will focus on accelerating healthcare providers’ adoption of cloud technologies to improve clinical, operational, and financial performance.
It will open up significant opportunities for Healthcare Triangle, a premier partner of AWS, Google Cloud, and Microsoft Azure, to upsell its SaaS Platforms like CloudEz, DataEz, and Readabl.AI to the existing client base of DevCool.
“With the acquisition of DevCool, Healthcare Triangle will implement technological advancements designed to improve hospitals’ provisioning of patient care, reduce information technology costs, and enable faster EHR deployments for hospital clients as part of its strategy to consolidate its leadership position in the healthcare space,” said Suresh Venkatachari, Chairman and CEO of Healthcare Triangle, Inc. He added that “With the acquisition of DevCool, we will add large health systems and Integrated Delivery Networks (IDN) to HCTI’s client portfolio, and we expect it to be accretive to EBITDA.”
“We are excited to be part of HCTI, and our goal is to continue helping hospitals innovate and at the same time keep EHR Managed Services cost lower,” said Sandeep Deokule, founder of DevCool. “DevCool along with HCTI will now be able to scale faster, deliver large scale EHR implementations, and hosting applications on the cloud.”
Healthcare Triangle, based in Pleasanton, California, supports healthcare organizations—including hospitals and health systems and health plans—as well as pharma and life sciences organizations in their efforts to improve health outcomes. The company enables the rapid adoption of new technologies, data enlightenment, business agility, and response to immediate business needs and competitive threats.
Price Action: HCTI shares closed lower by 2.65% at $2.20 on Friday.
Photo: Courtesy of healthcaretriangle.com