PHNS, Dallas, a provider of outsourced healthcare information technology and business process services, has been acquired by the ConJoin Group, also an IT and business-process outsourcing company, with offices in Boston, Toronto and Mumbai, India, for $250 million, the acquiring company has announced.
ConJoin Group acquires PHNS
ConJoin was founded in 2009 by Richard Garnick, an IT industry executive, and David Folk, the co-founder and managing general partner of Jefferson Partners, a Toronto-based private equity firm, and uses offshore outsourcing in India, according to a publicly released company history.
PHNS was founded in 1999 and has about 375 hospital IT and business process customers, approximately 1,270 IT customers and more than 1,760 employees, according to the company's website.
In a news release, Garnick said his company sees in the acquisition "a significant opportunity to dramatically scale up operations and improve the PHNS product offering in response to unprecedented North American demand for healthcare IT services." That demand is fueled by the American Recovery and Reinvestment Act of 2009's federal incentives for IT acquisition and use.
Garnick said his firm's global delivery model "will prove a key point of competitive advantage” for PHNS.
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