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AntWorks acquires U.S.-based Benchmark Systems

Barely four months into existence, AntWorks Pte. Ltd. (http://ant.works/) has made its first acquisition by taking over U.S.-based Benchmark Systems (http://www.benchmark-systems.com/) to make possible the development of leading-edge solutions that will advance patient care across the world.

Technology startup AntWorks and Benchmark Systems, a leading cloud-based Healthcare Application Services Provider, today announced 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 mln in revenue in the next 12 months.

Through the acquisition, AntWorks expects to play an even greater role in improving physician practices and ambulatory care globally and achieving greater levels of efficiency and reducing healthcare costs for its customers. The addition of Benchmark Systems significantly boosts AntWorks’ presence in the global healthcare solutions sector which is slated to touch $150 billion by 2020.

Healthcare providers in over 120 specialties and sub-specialties use Benchmark Systems’ integrated solutions on a daily basis and its suite of software has been built by leveraging 35 years of expertise in working with ambulatory healthcare providers to solve profitability and limited time issues.

Benchmark Systems will continue to operate as a standalone brand with integrated R&D activities with AntWorks’ existing infrastructure.

The healthcare industry is undergoing a major transformation due to the challenge of providing more cost-effective personalized care.

Majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information. The growing adoption of health information exchanges (HIEs) and electronic health records (EHRs) systems and improved quality of care and clinical outcomes are some other factors driving growth of the global healthcare IT market.

In addition to the demand for information technology solutions from healthcare providers, the growing need of healthcare insurance providers to efficiently manage an in-depth record of claims and reimbursements is also expected to contribute to the growth of the global healthcare IT market during the forecast years.

Management Commentary

Asheesh Mehra, Co-Founder and CEO of 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.”

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.”

Strategic Benefits of the Acquisition

  • Significantly Increases AntWorks’ Size and scale: Paired with AntWorks, the deal creates a global healthcare sector solutions provider of significant size and scale.
  • Immediately Accretive to AntWorks’ Adjusted Gross: The strategic acquisition will allow AntWorks to reach out to Benchmark Systems’ 400 strong customer base across the 40 states of the U.S.
  • Creates Premier Global Healthcare Solutions Company Focused on Improving Clinical and Economic Outcomes: With the complimentary product portfolios of AntWorks and Benchmark Systems, the company will have enhanced customer relevance and a strengthened competitive position.
  • Creates Stronger, More Diversified Platform to Drive Growth: Benchmark Systems provides services ranging from the initial set up to training, ongoing support, and maintenance services, and offers a full billing and collections outsourcing platform. Benchmark also offers auditing and comparative benchmarking of key metrics against other practices of the same size and specialty. Furthermore, combined entity’s enhanced breath of resources will enable it to further invest in its R&D programs and pursue additional opportunities.
  • Creates Additional Opportunities for Employees: A combined AntWorks and Benchmark Systems will result in a significantly larger global company with presence in over six countries across three continents, delivery centers in two countries and over 400 employees around the world. Employees in the combined company are expected to have more opportunities to pursue careers across a larger, more diversified global business.

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