May 1, 2018

W. Htfd's SCIO Health Analytics acquired in $240M deal

HBJ Photo | John Stearns
HBJ Photo | John Stearns
SCIO Health CEO Siva Namasivayam.

West Hartford-based SCIO Health Analytics said it has agreed to be acquired by a New York-based operations management and analytics company, in a deal worth $240 million.

EXL, which is a publicly traded company, announced its proposed acquisition of SCIO Health Analytics Tuesday. SCIO officials said the company will continue operating at 433 S. Main St., providing health analytics services to payers, providers and life sciences organizations that aim to improve revenue and uncover fraud and abuse around prescription pharmaceuticals, among other services.

The deal price is subject to change based on SCIO's cash, debt and capital position, the companies said. The acquisition is expected to close in the next three months, EXL officials said.

A SCIO spokeswoman said the merger allows the West Hartford company to access new capital and markets as well as EXL's client base.

Rohit Kapoor, EXL's vice chairman and CEO, said his company will be better suited to assist larger clients with SCIO's team of more than 2,000 clinicians and over 3,000 data scientists worldwide.

SCIO co-founder and CEO Siva Namasivayam called EXL a "leader in healthcare analytics."

"Together, our combined synergies and innovation in end-to-end cost recovery, care management and population risk management delivers powerful solutions to our clients – helping healthcare organizations achieve optimal outcomes while reducing the total cost of care," Namasivayam said.

In 2017, Namasivayam helped spearhead the launch of SCIOXpert, a program providing SCIO data scientists who recommend action plans to helps insurers, hospital systems and life science companies to improve return on investment.

Namasivayam founded SCIO in 2007 with two others. The company now employs more than 900 employees globally.

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