Apollo Health Street has acquired Zavata, an Atlanta-based business-process outsourcing company in a $170 million deal completed Aug. 29. The move leaves the Bloomfield, N.J.-based healthcare outsourcing-solutions company with more than 2,500 employees across India and the U.S.
The acquisition allows Apollo Health to add a new set of services, including areas of full business office and emergency medical transport billing, executives said in a news release announcing the purchase. Apollo Health offers outsourcing and information technology services to healthcare providers, payers and technology companies.
Zavata in the past several years had been on an acquisition march of its own, merging or buying companies to grow its base of healthcare outsourcing services. An investment group led by the companys Chairman and Chief Executive Officer Satish Sanan raised about $40 million to fuel Zavatas strategic growth.
Bank of India and Barclays Capital arranged debt financing for the Zavata/Apollo Health deal. -- by Jean DerGurahian
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