Noted operations management and analytics company EXL on Tuesday announced that they had signed a definitive agreement to acquire SCIO Health Analytics as a part of a $240 million deal. SCIO’s significant early investors include Sequoia India, Health Enterprise Partners and Saama Capital.

The aggregate merger consideration is $240 million, subject to adjustment based on, SCIO’s cash, debt, working capital position and other adjustments set forth in the Merger Agreement. EXL intends to fund the purchase with available cash on hand and borrowing from its credit facility. The acquisition is anticipated to close within the next three months, subject to the fulfilment of certain closing conditions, including regulatory and other customary consents.

Rohit Kapoor, vice chairman and CEO at EXL said in a statement, “The acquisition will strengthen EXL’s capability in the high growth cost optimisation and care optimisation markets. SCIO’s analytical tools and expertise in healthcare claims payment and care optimisation expands EXL’s market-leading advanced analytics and healthcare capabilities. Combining the talented team at SCIO to our team of over 2,000 clinicians and more than 3,000 data scientists worldwide significantly increases our ability to scale to meet the needs of larger clients and increases our reach into pharmacy benefit managers, healthcare providers and life sciences companies.”

The Connecticut-based healthcare analytics solution and services company has been driving care and reimbursement boost for its clients through services. SCIO’s 360 degree view of the patient, provider and claim is informed by deep clinical, payment, analytics and data expertise. Through the use of integrated healthcare data, proprietary analytics, innovative technologies and flexible delivery methodologies, SCIO transforms data into actionable insights and proven outcomes.

Siva Namasivayam, founder and CEO at SCIO, said in a statement, “We are excited to join EXL… Together, our combined synergies and innovation in end-to-end cost recovery, care management and population risk management delivers powerful solutions to our clients — helping healthcare organisations achieve optimal outcomes while reducing the total cost of care.”