Business Services
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VedaCorp advised Quintessence Business Solutions & Services on its acquisition by Firstsource Solutions
About
Quintessence Business Solutions & Services
![Quintessence Business Solutions & Services](https://vedacorp.com/wp-content/uploads/2024/05/quintessence.png)
Quintessence Business Solutions and Services Pvt Ltd formed in 2011 provides full cycle revenue growth management services to US heathcare entities and aggregators using a combination of proprietary technology including AI/ML based coding platforms and skilled talent force. The solutions offered by Quintessence has resulted in each of its clients improving their competitiveness and profitability and is an acknowledged leader in deployment of cutting edge technology and solutions as well as a pricing model that aligns with customer financial goals.
Firstsource Solutions Limited
Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL:IN), is a leading provider of transformational solutions and services spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology, and other industries. The Company’s ‘Digital First, Digital Now’ approach helps organizations reinvent operations and reimagine business models, enabling them to deliver moments that matter and build competitive advantage. With an established presence in the US, the UK, Mexico, India, and the Philippines, Firstsource acts as a trusted growth partner for over 150 leading global brands, including several Fortune 500 and FTSE 100 companies. (www.firstsource.com)
Background
We are pleased to announce that BSE/NSE listed Firstsource Solutions Limited (FSL), a global provider of business process management services and an RP – Sanjiv Goenka Group Company, has acquired Quintessence Business Solutions & Services Private Limited (“QBSS”), for a consideration of ~INR 328 crores. This is VedaCorp’s 3rd deal in the Technology Services space in the last 12 months.
QBSS, headquartered in Chennai and having wholly owned subsidairy in the US, provides full cycle revenue growth management (“RCM”) services to US healthcare entities and aggregators using a combination of proprietary technology including AI/ML based coding platforms and skilled talent force. Founded in 2011, QBSS is an acknowledged leader in deployment of cutting edge technology and solutions as well as a pricing model that aligns with customer financial goals.
This acquisition aims to expand Firstsource’s RCM capabilities and provides a complimentary market segment to deploy combined solutions across hospitals, physician practices, and large, integrated health systems, through an integrated end-to-end operating model, proven experience & deep industry expertise across both organisations.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to QBSS and its promoters. VedaCorp provided comprehensive transaction advisory services covering identification of prospective investors, evaluation of offers, strategic positioning including deal structuring, negotiation of key commercial terms, leading to the successful closure of the transaction.
“Quintessence is a unique player in the RCM industry with its technology driven solutions being one of the only offshore companies with proprietary coding platform for autonomous coding. The partnership with Firstsource would be a perfect fit for us in terms of culture, complimentary market segments & for providing a larger platform for market reach. VedaCorp with tremendous experience in this field played a pivotal role in the whole process with their excellent insights and timely advice.”
Mr. Nirmal Kumar Rajachandran
CEO, QBSS
“QBSS has demonstrated consistent growth, strong delivery capabilities and a technology driven approach, which helps healthcare providers streamline quality care & strengthen their financial performance over the last decade. We are confident that this acquisition by FSL would be a good cultural fit for the employees & would further enhance innovation & competitiveness for their customer base.”
Sivaraj Sekhar
Managing Director, Veda Corporate Advisors