Cloud Computing Firm 8K Miles Buys U.S.-Based SERJ Solutions For Rs.16 Crore
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Cloud Computing Firm 8K Miles Buys U.S.-Based SERJ Solutions For 16 Crore

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MUMBAI: Cloud computing firm 8K MilesBSE 0.78 percent Software Services acquired U.S.-based SERJ Solutions for around 16 crore to step up its presence in the healthcare market. 8K Miles -- the only listed cloud computing firm in the country -- said that it expects 45 crore in incremental revenue in the first year.

Commenting on the deal, 8K Miles Founder Chairman and Chief Executive Suresh Venkatachari said the buyout will help the company serve hospitals and healthcare providers by providing end-to-end software as a service tech platform.

"By taking advantage of our expertise in cloud technology and information security, and combining that with deep healthcare domain expertise, this acquisition will allow us to create a compelling suite of cost effective hosted SaaS solutions for healthcare service providers.

"This will enable organizations to dramatically improve operating margins in a short time, and use scarce capital to focus on patient care," said Venkatachari.

Shares of 8K Miles hit the 10 percent upper circuit to close at 625.65, while the benchmark Sensex inched up 2 percent in lacklustre trade.

While promoters own around 52 percent in the company, in August this year leading American fund house DSP Blackrock had picked up 3 percent in the firm and Sundaram MF picked around 2 percent in September.

The Silicon Valley-based 8K Miles is a preferred partner of Amazon Web Service and is a certification lab partner for the U.S. government health programmes.

In the September quarter, the company had posted a profit after tax of 4.14 crore.

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Source: PTI
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