Interswitch Limited, African leading tech-enabled payment platform has acquired a 60% stake in E’Clat, a Nigeria-based health tech startup. The deal was concluded on the 30th of September 2019.
E’Clat is a leading Electronic Health Record (EHR) platform that provides a turn-key solution used in over 250 public and private healthcare facilities across Nigeria. The company assists healthcare service providers to plan, design and operate their unique practices through its e-Clinic software and additional specialist modules.
Interswitch, on the other hand, provides healthcare solutions, including the Verve Health cards, SmartHealth, and the Quickteller efficient payment gateway. It has also acquired several other companies to rapidly expand its reach and provide innovative payment solutions tailored to the demands of the African markets. It acquired Paynet Group in 2015 and VANSO in 2016 to deepen its footprint in Africa.
See Also: Interswitch set to List on NSE and LSE, Plans to Raise $1 Billion
Interswitch strategic investment in E’Clat seeks to adequately fund and modernize the healthcare sector in Nigeria and Africa at large. It will also enable operators in the healthcare sector to improve the efficiency of their core operations and facilitate payments.
As a result of the acquisition, the combined healthcare technology solutions of both companies will position the Interswitch group as the go-to health-tech solution and payment provider in the industry.
It will be one of the top players which act as a major data source for healthcare policymakers to plan and improve the healthcare sector. Interswitch also plans to list shares on both the Nigerian and London Stock Exchange which could value the company at $1.5 billion.
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