Bengaluru-based healthcare solutions provider GenWorks Health has acquired the in-vitro unit of Mumbai-based Iris Healthcare Technologies. The acquisition of Iris Healthcare Technologies’ unit has taken place on a slump sale basis according to GenWorks.
While it did not disclose the amount for which this unit has been acquired, the company said it has committed $5 million (approximately Rs 36.95 crore at current exchange rates) towards its growth. The move will help the firm consolidate its presence in the segment of the in-vitro diagnostics.
Chennai-based mid-market investment bank Veda Corporate Advisors acted as the exclusive adviser on this transaction.
“The acquisition complements and accelerates the business of GenWorks, poised to be a Rs 100-crore plus business in this segment,” said, Ganesh Prasad, Founder , MD and CEO, GenWorks.
“COVID-19 has accelerated the reliance on diagnostics and testing and the vertical is a high growth area aligned with GenWorks’ goal of providing early and affordable screening,” he added.
Iris Healthcare, set up in 2008, provides solutions in segments including instruments, reagents, and quality control products.
GenWorks was seeded by US conglomerate GE Healthcare, with which its founder S Ganesh Prasad was associated for 18 years.