Zensar Technologies Acquires BridgeView Life Sciences For $25 Million

CIOTechOutlook Team | Thursday, 18 July 2024, 08:48 IST

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Zensar Technologies Ltd announced its plans to purchase BridgeView Life Sciences, a US-based IT and operations services company, in a cash transaction worth $14 million. According to regulatory filings, BridgeView may receive an extra $11 million by December 31, 2027, if specific performance and employment goals are achieved.
 
BridgeView provides advisory, transformation, and managed services, specifically catering to life sciences clients. It focuses on launching new products, improving operations, and providing advice on mergers and acquisitions (M&A). The purchase is in line with IT Firm and their plan to address missing areas in its portfolio and seek out chances for growth, and it will enhance its healthcare and life sciences division, which is one of its four business verticals, according to the company's management in a press release.
 
“This is a growth-oriented acquisition for us,” said Pratik Maroo, head of healthcare and life sciences, Zensar. “The current size (of the business) is small compared to the market potential when you look at the amount of dollars that get spent in pharma and biotech space, particularly during product launches.” 
 
Anant Goenka, Zensar's vice-chairman, stated that Zensar is actively seeking further acquisitions in order to grow its presence in its four verticals. The company holds $260 million in cash, mainly designated for M&As and other expansions. Zensar assesses 100-150 companies each year for potential growth opportunities through acquisitions, leading to 2-3 deals, he mentioned.
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