Pune-headquartered IT company Zensar Technologies announced the acquisition of pharma and life sciences consulting firm BridgeView Lifesciences for a total deal value of $25 million.
This will allow the firm to expand its healthcare offerings.
“The company will make an aggregate upfront payment of $14 million subject to customary adjustments for working capital, debt and cash on closing, and an additional payment of up to $11 million by December 31, 2027, contingent on achievement of performance and employment continuity thresholds,” it said in a regulatory filing to the Bombay Stock Exchange.
Anant Goenka, vice-chairman, RPG Enterprises and Zensar Technologies, said, “Acquiring BridgeView Lifesciences aligns with our long-term growth strategy for our growing healthcare and life sciences (HLS) practice. This acquisition deepens our services for existing clients and expands into new areas, especially for innovators and emerging pharma players underserved by technology. It reflects our commitment to anticipating client and market needs and providing solutions to critical challenges.”
The acquisition is expected to be completed tentatively within 2-3 weeks.
“This acquisition strengthens Zensar’s HLS vertical and positions Zensar to offer a more comprehensive suite of solutions to pharmaceutical, biotechnology, and medical device companies by leveraging partnership with Veeva Systems,” said the company.
BridgeView (formerly known as COEUS Solutions) is engaged in the business of providing technology consulting and system integration services to biopharma and life sciences customers.
The firm also had a smaller data warehouse and data aggregation products business, which has recently been divested.
Revenue from operations of BridgeView was approximately $12.9 million for the calendar year ended December 31, 2023, out of which revenue of the services business was approximately $11 million.
“We are thrilled to join Zensar. Its global reach and digital expertise will help us offer more solutions and reach a wider audience. This synergy allows us to address customers’ transformational programmes effectively, improving patient lives faster. We look forward to a bright future together,” said James Corbett, co-founder and chief operating officer, and Mihales Karasavas, co-founder and chief commercial officer, BridgeView Lifesciences LLC.
First Published: Jul 18 2024 | 12:14 AM IST
