Indian diagnostic and preventive healthcare provider Thyrocare Technologies has announced the acquisition of a 100% stake in Think Health Diagnostics.
Based in Chennai, India, Think Health was incorporated in June 2022. It specialises in providing phlebotomy and at-home electrocardiography (ECG) testing services.
Think Health’s acquisition allows Thyrocare to foray into the ECG services at home market as well as broaden its offerings in the pre-policy medical check-up segment for the insurance industry.
In a stock exchange filing dated 5 February, Thyrocare managing director and CEO Rahul Guha said: “I am happy to share that we have acquired Think Health to strengthen our offering for the insurance segment with the additional capability of ECG at home.
“This will allow us to give our insurance partners a one-stop solution for blood and ECG testing and further deepen our presence in the premedical checkup, pre-policy medical checkup and the annual health checkup market.”
Thyrocare, which has a presence in over 2,000 cities nationally and internationally, will further benefit from Think Health’s existing operational footprint across ten Indian cities, including Bangalore, Pune, Ahmedabad, Hyderabad, Chennai, Kanpur, Delhi, Jaipur, Surat, and Mumbai.
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The deal integrates Thyrocare’s network of more than 900 blood collection phlebotomists with Think Health’s home healthcare technology and ECG services.
This combined network will have over 100 phlebotomists trained in providing ECG services at home.
The latest announcement builds on a share purchase agreement signed between the two companies earlier this month.
As per the terms of the share purchase agreement, Thyrocare acquired Think Health’s shares for an aggregate consideration of Rs32.21m ($387,808).
In a report, Business Standard quoted Think Health Diagnostics CEO and director Karkavel as saying: “This acquisition marks a pivotal moment in our growth trajectory. Together, we will leverage our extensive network and expertise to create an unparalleled offering, delivering seamless healthcare directly to patients’ doorsteps.”