Accentia lists GDR in Singapore stock exchange

Thiruvananthapuram: Accentia Technologies, a Technopark-based firm specialising in Healthcare Receivable Cycle Management (HRCM), has opened its Global Depository Receipts (GDR) facility with the Singapore Stock Exchange.

This will help the company attract and receive investments in foreign exchange from institutional and individual investors across the world.

The approval for opening GDRs for listing and quotation of Accentia shares worth U.S. $ 2 crore at Rs.10 per share was issued by the Singapore exchange recently. GDRs are instruments that enable investors abroad to buy and sell company shares and receive dividends in foreign exchange, a practice approved by all major exchanges and financial wings of governments across board. “In our quest to grow as a major global presence in the HRCM segment, the issue of GDRs enables us to have access to funds in hard currency for the acquisition of companies abroad in a smooth and seamless way,” points out Pradeep Viswambharan, CEO, Accentia Technologies.“Berggruen A.P., a Mauritius-based institutional investment company has already invested an amount of U.S. $ 28 lakh through GDR to buy Accentia shares,” adds C.K. Sooraj, director, Operations. “This will enable us to go forward with and complete our plans to acquire two companies in the U.K. and one in Dubai.”

Accentia has already taken over two HRCM companies in Fort Lauderdale, Florida, U.S., one in Portland, Oregon, U.S., two in Bangalore and one in Kochi. Formalities for the acquisition of one company each in Hyderabad, Hubli and Belgaum are in progress, Mr. Viswambharan said.

Accentia employs over 2000 hands and aims to increase the strength to 15,000 in another 2 years.



Accentia gets help from Singapore

Malaysia Sun Monday 14th January, 2008

Accentia Technologies, which has its corporate offices in India, has received a major boost with the Singapore Stock Exchange clearing a $15.75-million global depository receipt issue.

CEO of the company Pradeep Viswambharan said Accentia has now become the first IT company from Kerala to get clearance for a GDR issue.

Accentia, which is listed at the Mumbai Stock Exchange, also has offices at Mumbai and Bangalore.

Accentia officials say they will spend the money from the GDR to acquire three US-based firms in 2008 and another one in the first quarter of 2009.

The GDR issue would open in two weeks.

Since its inception eight years ago, Accentia has now become a leader in end-to-end business process management solutions for healthcare, financial and insurance sectors.



Accentia to raise funds at Singapore bourse

Thiruvananthapuram, Kerala, India, 2008-01-14 16:45:02

Accentia Technologies, which has its corporate office at the Technopark campus here, has got a major boost with the Singapore Stock Exchange clearing a $15.75-million global depository receipt (GDR) issue.

Speaking to IANS, CEO of the company Pradeep Viswambharan said Accentia has now become the first IT company from Kerala to get clearance for a GDR issue.

Accentia, which is listed at the Mumbai Stock Exchange, also has offices at Mumbai and Bangalore.

'With this (funds raised by the GDR) we plan to acquire three US-based firms this fiscal (2007-08) and another one in the first quarter of the next fiscal. The GDR issue would open in two weeks. We already have got firm commitments from Berggruen AP, a Mauritius-based foreign institutional investor and private investors from London and the US,' said Viswambharan.

Since its inception eight years ago, Accentia has now become a proven leader in end-to-end business process management solutions for healthcare, financial and insurance sectors.

Accentia caters to all requirements of the IT industry with special emphasis on transcription services, medical billing and coding, insurance claim processing and consultancy.

Last year Accentia was in the news when it took over three US-based healthcare business process outsourcing companies for Rs.800 million.

The firms it took over in cash-cum-stock deals were Florida-based GSR Physician Billing Inc and GSR Systems Inc, and Oregon-based medical transcription services provider DenMed Inc.

'We expect to close the current fiscal with a total turnover of Rs.1.25 billion, up from Rs.3.47 billion in the previous fiscal,' said Viswambharan.



Accentia to raise funds at Singapore bourse

Monday, 14 January , 2008, 16:35

Thiruvananthapuram: Accentia Technologies, which has its corporate office at the Technopark campus here, has got a major boost with the Singapore Stock Exchange clearing a $15.75-million global depository receipt (GDR) issue.

Speaking to IANS, CEO of the company Pradeep Viswambharan said Accentia has now become the first IT company from Kerala to get clearance for a GDR issue.

Accentia, which is listed at the Mumbai Stock Exchange, also has offices at Mumbai and Bangalore.

"With this (funds raised by the GDR) we plan to acquire three US-based firms this fiscal (2007-08) and another one in the first quarter of the next fiscal. The GDR issue would open in two weeks. We already have got firm commitments from Berggruen AP, a Mauritius-based foreign institutional investor and private investors from London and the US," said Viswambharan.

Since its inception eight years ago, Accentia has now become a proven leader in end-to-end business process management solutions for healthcare, financial and insurance sectors.

Accentia caters to all requirements of the IT industry with special emphasis on transcription services, medical billing and coding, insurance claim processing and consultancy.

Last year Accentia was in the news when it took over three US-based healthcare business process outsourcing companies for Rs 80 crore.





Accentia Tech acquires 3 US BPOs for Rs 80 crore

MUMBAI: Mumbai-Based business process outsourcing company Accentia Technologies has acquired three US-based healthcare BPO companies for about Rs 80 crore, sources close to the deal said. It bought Florida-based GSR Physician Billing Inc and GSR Systems Inc and Oregon-based medical transcription services provider DenMed Inc, in cash-cum-stock deals.

Confirming the development, Accentia director Pradeep Viswambharan said the stock portion of the deals would be issued in the form of global depository receipts.

Sources said the company plans to go in for a $15-million GDR issue to be listed in Singapore. This issue would involve raising cash of $2.5 million and issuing GDRs worth $12.5 million to the promoters of the acquired firms.On Tuesday, the shares of Accentia Technologies rose by 5%, or the maximum gain allowed in a day, to Rs 221.90 on the BSE.

London-based investment banking firm Athena Capital Partners and First Global India are advising the company in the listing and US acquisition deal. The company expects to acquire two more companies in healthcare outsourcing by the end of this fiscal, the sources said.

Mr Viswambharan said that the acquisitions would add to the company’s portfolio in the healthcare receivable cycle management. “The case in US is that 49% of the transcription, coding, billing and collection work in the healthcare space is outsourced to US-based service companies by US hospitals and of that only 1% work is offshored to India making entry barriers in the sector extremely difficult. But since the three companies have 60-65 clients each with long-terms contracts, we would be in better place to penetrate the market that is valued nearly $2.2 trillion,” he said.

While the GSR group companies have revenues of $3 million each, DenMed had revenues of $1.5 million. The company expects to add nearly $10 million to its topline by way of these acquisitions.



24 Aug 2007 - Accentia Technologies Promoter Awarded "Excellence in IT Entrepreneurship" by Kerala Sahriclaya Vedi

Accentia Technologies Ltd has announced that the Annual Award for Excellence in IT Entrepreneurship by Kerala Sahriclaya Vedi, the pre-eminent socio-cultural organization in Kerala has been given to the Company's Promoter Mr. Pradeep Suseela Viswambharan.

The award which carried a plaque, citation and a golden shawl was presented to him at a glittering ceremony held at the landmark Mascot hotel here on August 21, 2007. The award and citation were presented to him by Kerala's Minister for Sports, Youth and Law Sri. M Vijayakumar, while the shawl was presented by Kerala's Minister - Forests, Sri. Binoy Viwam.

Formally introducing Pradeep Viswambharan as the winner of the IT Excellence Award, Sri. Channankara Kunju, President of the Kerala Sahridaya Vedi said that the final selection of the winner was made from a panel of several nominees, all of them credentials to match their claims.

The vision, foresight and business acumen shown by Pradeep Viswanibharan, the dynamic Chief Executive Officer of the Company in acquiring several US companies to add to the Company's business came in for high praise and recognition here when he was conferred with the Award, which is considered to prestigious for Kerala Based Entrepreneurs.

"However the award committee zeroed in on Pradeep Viswambharan in view of the tremendous grit and determination he has exhibited over the years to take his infant enterprises from the brink of ruin to the glorious heights of global presence and acceptance. Through him the entire IT fraternity in Kerala has been given the limelight of fame, due to the courage he has shown under adverse circumstances to fight back and come out on top."

The award committee was headed by Kerala's former minister and presently, a member of the State legislature, Sri. C T Ahmed All, and consisted of Sri. Mathukutty S Kumrnppally renowned journalist & Editor of Destination Kerala magazine, and Sri. P Ramachandran. Editor-Kerala Kaumudi daily.

Inaugurating the award function, Minister M Vijayakumar referred to the success story of the Company and Pradeep Viswambharan as a model for the up and coming generation of technology students to emulate and succeed.

"The State expects the Accentia chief to share his vast experience and knowledge in entrepreneurship with the younger generation so that many more success stories of the Aceentia genre may be generated." Source: Equity Bulls




23 Aug 2007 - Accentia Technologies acquires Thunga Software

MUMBAI: Accentia Technologies has completed the purchase of Thunga Software in an all cash deal.

Thunga Software Ltd is based at Bangalore with a 200 seater capacity with manpower of 185 people.

The business purchase of Thunga Software Ltd will give an impetus to the number of people working for the company and paves the way for servicing the increased outsourcing contracts from US.

The ready made facility with plug-in amenities and HR will allow the company to bring down the lead period involved in servicing the increased outsourcing contracts.

At 2:39 PM, the share, however, lost 5% to Rs 221.40 with volume traded at 106509 against two-week average of 2,18,964 shares. Source: The Economic Times




13 Aug 2007 - Accentia Tech to acquire 5 Cos this financial year

Excerpts from CNBC-TV18's exclusively interview with VS Pradeep:

Q: If you can tell us about this preferential allotment, how much money have you raised and when does the conversion happen of these and at what rate would it be?

A: Actually the preferential allotment money is due any time, probably this week and just 2 lakh warrants have been issued to the Group and that money is expected most probably in the next two months. The total sum that we are raising in the next two to three months is close to Rs 55 crore for our acquisition funding mainly in the US and UK.

Q: Once there is a conversion of these warrants how much equity dilution would there be, what is the promoter holding, what would it be down to?

A: We are expecting our total equity to be around 12.5 crore, at the end of all the dilutions, including the GDRs, which is expected to open early next month, in the Singapore and Luxembourg stock exchanges. At the end of all this dilution, it will be 12.5 crore and the promoter contribution is going to be 45% of the equity.

Q: The conversion will happen at Rs 167 per share?

A: Exactly.

Q: With reference to funding both the acquisitions; GRS Physicians and GRS Systems are the two acquisitions you have made. How much did you pay for these companies and will this money be enough to completely pay out the deal?

A: We have done these acquisitions at 0.7 revenue multiples and we are doing a 25% cash and 75% stock deal with these companies’ acquisitions, and 75% stock is mainly through the GDRs, which we are listing in the Luxembourg and Singapore stock exchanges. So, the valuation is basically 0.7 revenue multiples, which would give us very good leveraging on the money that we are raising for this 25%.

Q: Give us an idea of the merger of Geosoft and Iridium, what is the kind of scale that you hope to be able to achieve with these two now as part of Accentia?

A: We had been growing at around 100-110% over the last three years with Geosoft and Iridium and with the acquisitions happening in the US, we are expecting to grow at around 200-250% this year with the two companies that we have acquired and one more company that we have acquired recently is Ascent Infoserve in Bangalore, that also is expected to grow at almost the same levels.

Q: So, in terms of employee strength if you can give us an idea of what kind of total revenue you could be looking at with these?

A: With these acquisitions in the US and the Indian acquisition, our employee strength has gone up to around 1,700 people with 350 people working from the US alone. This employee strength is expected to grow by almost 150% in the next one and a half years.

Q: What are you expecting in terms of topline and bottomline?

A: Topline, this year we are expecting Rs 110 crore and a bottomline of around Rs 35-37 crore.

Q: Any more acquisitions that you are looking at, on the anvil at this point in time and which geographies would you essentially be focusing on?

A: We had already entered into LOIs with two more companies. So in all, it will be five companies that we will be acquiring in this financial year and one of the companies is in UK, which is into solution providing for hospitals in Australia and the UK. We are actually targeting ourselves as a company that provides the entire solutions and service backup for hospitals and healthcare facilities in the UK and America. Source: moneycontrol.com




10 Apr 2007 - Accentia Technologies to acquire 3 companies in USA

Accentia Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on April 10, 2007, inter alia, has considered the following:

1. The Company has Completed the formalities for the acquisition of 3 Companies in USA and formal announcement in this regard will be made by the Company after due conclusion of Legal Documentation. The Company appointed M/s. Kenneth Falk & Co. USA as their legal advisors, to conclude the legal documentation the USA acquisitions.

2. Over and Above the organic Growth, The Company in-organically, through 3 acquisition in USA is going to add USD 10M to its Topline in the year 2007-08.

3. The Company's plans for proposed GDR / FCCB have picked up momentum as the Company has already appointed the Merchant Bankers for the issue and is in the process of short listing the Depository Participants for the issue.

Source: Equity Bulls



23 Jan 2007 - ACCENTIA TECHNOLOGIES: PREDATOR ON THE PROWL

[January 23, 2007]

ACCENTIA TECHNOLOGIES: PREDATOR ON THE PROWL (is on the verge of acquiring 4 business processes outsourcing service companies based in the US)

(India Business Insight Via Thomson Dialog NewsEdge) Accentia Technologies is a healthcare business processes outsourcing (BPO) company with its headquarters in Mumbai.

It has a presence in Mumbai, Thiruvananthapuram, Pennsylvania in the US and London in the UK.

In 2005-2006, the company had acquired a 51 percent stake in Geosoft Technologies Ltd of Thiruvananthapuram and a 51 percent stake in Iridium Technologies (India).

The company is about to acquire 4 BPO service companies based in the US. The company also seeks to acquire medical transcription companies that are based in Bangalore and Kerala.

Accentia has kept aside $12 million for these acquisitions. To expand its business in Bangalore, the company has formed strategic alliance with Assent Infoserve of Bangalore under which Assent will execute Accentia's outsourced business in healthcare BPO services at its 600- seat facility. In 2005-2006, the company made a net profit of Rs5.82 crore on a consolidated turnover of Rs16.97 crore. The proposed acquisitions in the US are likely to push the company's turnover past Rs100 crore in 2007-2008 with a net profit of Rs34 crore.

Source: TMCnet




14 Dec 2006 - Accentia Technologies to buy US BPO firms

Accentia Technologies said that it is in the final stages of process to acquire US based business process outsourcing services companies to improve the operational margins going forward.

Meanwhile, it has filed an application in the Mumbai High Court for the amalgamation of Iridium Technologies (India) and Geosoft Technologies (Trivandrum) with itself.

The company has also entered into a strategic alliance with the Bangalore based Asscent Infoserve for using their infrastructure facilities of 7,000 sq ft, meant for BPO services. The company, through its subsidiary, Geosoft Technologies has a presence in BPO with the operations located at Trivandrum, Pennsylvania and London.

The company`s revenues including other stood at Rs 21.54 million for the quarter ended Sept`06, compared with Rs 0.59 million in corresponding quarter. Its earnings during the quarter remained the same at Rs 46.82 million.

Shares of the company were last trading lower 3.79% or Rs 1.80 at Rs 45.70. A total of 13,422 shares have been traded so far on the BSE. ( 12.18 pm, Thursday) Source: Myiris




14 Dec 2006 - Accentia Technologies to acquire BPO companies in US

Mumbai, Dec 14: Giving shape to its acquisition driven expansion spree, Accentia Technologies on Thursday said it is in the final stages of acquiring US-based Business Process Outsourcing (BPO) service firms. Accentia Technologies Director Pradeep Viswambharam is currently wrapping up the acquisition of the BPO companies to improve operational margins, the company informed the Bombay Stock Exchange. Accentia has its Business Process Outsourcing (BPO) presence with operations located at Thiruvanathapuram, Pennsylvania and London. The company has also entered into a strategic alliance with Bangalore-based Asscent Infoserve for using their infrastructure facilities of 7,000 square feet for BPO services.


07 Dec 2006 - Accentia Tech eyes buyouts in India, UK, US

Mumbai, Dec. 7 (PTI): As part of its major expansion plans, Accentia Technologies has budgeted $ 12 million for buyouts in India, the UK, and the US. The company is on an acquisition-driven expansion spree and is on the lookout for Business Process Outsourcing (BPO) companies in health care space, particularly in the medical transcription space for acquisition, Accentia Technologies informed the BSE. In the BPO space, we specialise in the healthcare segment and our vision is to become the partner of choice for offshore transcription, coding and billing services, Accentia Director and CEO Pradeep Suseela Viswambharan said. There is a limit for organic growth and hence the company is going in for inorganic growth in a major way, Pradeep said. Through the acquisition of Geosoft Technologies (Trivandrum) Ltd (GTLL) in March 2006, Accentia has its BPO presence with operations located at Thiruvanathapurarn, Pennsylvania and London. BPO operations of Accentia cater to the requirements of IT industry with special emphasis on transcription services, medical billing, insurance claim processing, consultancy services and the alike. Accentia has 600 seater BPO facility at Techno park, Trivandrum. The company recently tied-up with Bangalore-based Asscent Infoserve for using its infrastructure facilities, meant for BPO services. Shares of the company were trading at Rs 58.95, up 1.90 per cent on the BSE.

06 Oct 2006 - BPO major hunts for buyouts in Kerala

Kochi, Oct 6: As part of major expansion plans, Mumbai-based BPO AccentiaTech is on the lookout for Kerala-based companies, engaged in medical transcription in particular, for acquisition. The company is on an acquisition-driven expansion spree and has US$ 12 million in its kitty for buyouts in India, the UK, and the US. The US$ five million company has links with Kerala through the acquisition of Geosoft Technologies Thiruvananthapuram Ltd. (GTTL) in March. Through Geosoft, Accentia has a BPO presence with operations located at Thiruvananthapuram, Pennsylvania, and London. Iridium, the BPO division of GTTL, caters to all the requirements of the IT industry with special emphasis on transcription services, medical billing and coding, insurance claim processing, consultancy services and the alike. "In the BPO space, we specialise in the healthcare segment and our vision is to become the partner of choice for offshore transcription, coding and billing services,” said GTTL MD and AccentiaTech director VS Pradeep. “Our solutions are also designed to integrate with virtually all health information, applications and systems. Our skills also help us understand and ensure tighter integration with client systems, a key driver of client-usefulness and usability." Pradeep told Express that there is a limit for organic growth and hence the company is going in for inorganic growth in a major way. “Not only MT companies, we are looking for BPO companies in and outside India. We want to spread our wings all across India and aim to become the leader among Indian BPO companies," Pradeep said. Accentia recently tied-up with Bangalore-based Asscent Infoserve for using its infrastructure facilities, meant for BPO services. Asscent Infoserve executes Accentia`s outsourced business in health care BPO services. Under the strategic alliance with Asscent Infoserve, Accentia will utilise the infrastructure strengths of Asscent Infoserve and have access to outsource the 600-seater BPO facility.

25 Sept 2006 - Accentia Technologies in strategic alliance with Asscent Infoserve

Accentia Technologies has tied-up with Bangalore based Asscent Infoserve for using their infrastructure facilities of 7,000 SFT, meant for business process outsourcing services. Asscent Infoserve will execute Accentia`s outsourced business in health care BPO services. Accentia, through its subsidiary, Geosoft Technologies has a BPO presence with the operations located at Trivandrum, Pennsylvania and London. As per the strategic alliance with Asscent Infoserve, Accentia will utilize the infrastructure strengths of Asscent Infoserve and it will have access to outsource the 600-seater BPO facility.
01 Jul 2006 - Accentia closes a $4.7 million BPO deal with world's No1 client based in USA

Accentia closes a $4.7 million BPO deal with world's No1 client based in USA. This company is world's leading service provider. This agreement will provide substantial strength to the operational performance of Accentia.