Credit: 123RF.com
California-headquartered IT services firm UST has agreed to sell its healthcare management solutions unit, UST HealthProof, to private equity firm Bain Capital.
UST, which has been a key player in healthcare technology for over two decades and has a significant presence in India, will sell its healthcare arm for over $1 billion (Rs 8,800 crore).
The deal will allow the company to sharpen its focus on faster-growing areas such as enterprise artificial intelligence (AI), cloud transformation, data modernization, and platform engineering.
The company said it will reinvest the proceeds into building AI-enabled platforms and vertical industry solutions.
“Today’s announcement reflects both the strength of what we have built and the clarity of our vision for the future,” said Krishna Sudheendra, CEO of UST. “This milestone allows us to focus on the transformative technologies we lead in. It also ensures that UST HealthProof, with the backing of Bain Capital, can unlock new opportunities for growth and innovation. It is a win for our clients, our people, and the industry at large.”
UST serves all five top US healthcare players and over 50 healthcare systems. Its healthcare vertical employs more than 5,000 professionals, with a customer retention rate of 98% in the last five years.
As an independent entity supported by Bain Capital and healthtech firm HealthEdge, UST HealthProof will now be positioned to scale faster and deepen client partnerships.
UST said it will maintain close ties with the spun-off business to ensure continuity for shared customers.
Goldman Sachs and JP Morgan Securities advised UST on the transaction, while Davis Polk & Wardwell LLP acted as legal counsel.
Founded in 1999, UST employs more than 20,000 professionals in India across Bengaluru, Thiruvananthapuram, Hyderabad, Kochi, Pune, Mumbai, Chennai, Coimbatore, Delhi-NCR, Ahmedabad and Hosur, reinforcing its role as a leading digital transformation partner for global enterprises.
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