Bengaluru-based B2B SaaS fintech company Perfios has disclosed the strategic purchase of IHX, a platform for healthcare information exchange, as part of further enhancing its technological prowess across business segments. Perfios' purchase of IHX is its next step in the direction of entrenching its presence in healthcare, especially health insurance claims in healthcare.

IHX is critical to the India health insurance marketplace, handling over 40% of all health insurance cashless claims in the country. The platform processes over 10 million transactions every year, with an estimated value of $1 billion. IHX brings together a large network of 30,000 hospitals spread over 1,200 locations with over 30 insurers, including major players like Reliance Hospital, DY Patil Hospital, MGM Healthcare, and Jaslok Hospital. By bridging the gap between healthcare providers and insurers, IHX enables real-time digital integration, serving as a vital gateway to India's $14 billion health insurance market and the overall $600 billion healthcare segment.

The transaction is set to revolutionize the health insurance claims environment by integrating Perfios' data intelligence and analytics capabilities with IHX's large ecosystem penetration in healthcare. The union of these capabilities will be expected to increase claims processing speed, shorten turnaround times, and enhance overall experience for healthcare providers and patients.

Sabyasachi Goswami, Perfios CEO, said he was thrilled with the acquisition, adding, "This is a strategic step in our quest to transform the healthcare claims ecosystem. IHX has been the backbone of India's health claims infrastructure for years, and we are excited to bring the IHX team into the Perfios family". Goswami added that the addition of IHX's established presence in the healthcare space to Perfios' cutting-edge data intelligence will fuel higher operational efficiency and improve service delivery throughout the ecosystem.

IHX Managing Director Mahesh Nagaraj shared the sentiment, labeling the alliance an opportunity for accelerated growth. "Partnering with Perfios opens up new and exciting possibilities for our staff and reinforces our focus on innovation and excellence in health claims management", Nagaraj stated. He also said that the advanced technology and international presence of Perfios, combined with the experience and trusted network of IHX, would make them a better client-servicing and value-creation entity in the industry.

IHX is Perfios' third purchase in the last three months after it acquired Clari5, a banking fraud detection platform, and CreditNirvana, an AI-based debt collections platform. Perfios has also purchased several other companies over the years, such as Karza Technologies, FintechLabs Technologies, and Fego.ai, a behavioral insights startup. Perfios, present in 18 countries, said its revenue rose 37% in FY24 to Rs 558 crore from Rs 407 crore in FY23, as it strengthened its international presence. IHX, co-founded in 2020, will remain independently run under its existing brand and management.