Citius Tech receives "significant investment" from General Atlantic
Princeton, New Jersey-based healthcare technology services and solutions provider CitiusTech obtained a "significant investment" from General Atlantic, a growth equity company, a statement about the funding said. Financial terms about the deal were not provided.
CitiusTech was founded in 2005 and now works with more than 50 healthcare organizations the world over. Aside from providing expertise in the healthcare domain, it also offers clients with technology services like healthcare software development, healthcare interoperability, compliance, analytics, management of care and consumer health, among others. BI-Clinical is the flagship healthcare BI and analytics platform of CitiusTech which is now one of the most popular ONC certified reporting and analytics platform utilized in the US market. The platform is now used in more than 3,800 provider locations, the statement said.
CitiusTech Chief Executive Officer Rizwan Koita said in the statement, "The partnership with GA enables CitiusTech to leverage General Atlantic's global presence and its expertise in the technology and healthcare marketplaces. We are excited to partner with General Atlantic and look forward to working closely to scale our business worldwide."
Last year, CitiusTech posted a 51% growth in corporate revenues. This is the sixth year in a row when the company was able to report revenue growth of over 50%. Its Chief Executive Officer also received the 2013 Ernst & Young Entrepreneur of the Year Award. The Great Place to Work Institute also awarded Citius Tech as one of the Best Companies to Work in 2012 and 2013, the statement said.
General Atlantic Chief Executive Officer Bill Ford said in the statement, "Smart, strong technology helps more people achieve better health outcomes. CitiusTech's platforms help healthcare organizations and health care technology providers accelerate innovation and drive improvements in the cost and quality of care. We are proud to partner with CitiusTech and to support its growth."