Post-acquisition, AntWorks will focus on improving clinical, economic outcomes in hospitals, physician offices and other care settings
Technology startup, AntWorks has acquired US-based Benchmark Systems, a cloud-based healthcare application services provider. A company release informed that the Board of Directors of both companies have unanimously approved a definitive agreement under which AntWorks will acquire Benchmark Systems, which will generate $10 million in revenue in the next 12 months.
Through the acquisition, AntWorks expects to improve physician practices and ambulatory care globally to achieve greater levels of efficiency and reduce healthcare costs for its customers.
Benchmark Systems will continue to operate as a standalone brand with integrated R&D activities with AntWorks’ existing infrastructure.
Asheesh Mehra, Co-Founder and CEO, AntWorks, said, “We are at a stage in our life cycle where we are looking at platforms which could help us in going global. The opportunity to acquire Benchmark Systems is fantastic, not least because of the highly scalable cloud based solutions which the company has developed, but also the strong platform the company offers for growth in terms of talent, clients, geographic footprint and offerings.”
Mehra continued, “The potential is apparent — especially with the growing requirements from medical practices — and Benchmark Systems’ operational ability, coupled with AntWorks’ engaged customer base, bring tremendous scale to this space.”
He added, “AntWorks will now be able to offer a fully integrated suite of leading edge technology solutions including patient portal, scheduling, electronic health records, practice management, and revenue cycle management at a price point that is affordable to solo physicians and large group practices.”
Govind Sandhu, CFO, AntWorks, said, “AntWorks expects the acquisition of Benchmark Systems to be immediately accretive to AntWorks’ adjusted gross and EBITDA margins. Benchmark Systems’ strong cash flow will help AntWorks to generate $10-$12 million in revenues in the next 12 months of operations.”
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