New Delhi, Oct 26 (PTI) Healthcare technology solutions provider CitiusTech on Tuesday said it has elevated Bhaskar Sambasivan as its Chief Executive Officer with effect from November 1, 2021.

Also Read | UKSSSC Admit Cards 2021 Released for Various Posts, Candidates Can Download Their Admit Cards Online at sssc.uk.gov.in.

Sambasivan had joined CitiusTech as President in May 2021, and has been working closely with CEO Rizwan Koita as part of a structured leadership transition process.

Also Read | How To Log In To Your WhatsApp on PC/Laptop.

Speaking to PTI, Sambasivan said the healthcare industry is poised for significant transformation driven by the shift to patient and consumer centric business models, enabled by technology.

"CitiusTech is well positioned to help healthcare organisations drive this digital transformation to meaningfully improve patient experience and outcomes...My vision is to put CitiusTech on the path to a USD 1 billion run rate in terms of revenue in the next 7-8 years, if not sooner with some inorganic and M&A focus," he added.

Before joining CitiusTech, Sambasivan was President of Patient Services and Chief Strategy Officer of EVERSANA, a life sciences platform company. Prior to that, he spent close to 15 years at Cognizant as the Global Head of Life Sciences.

Talking about the company's M&A plans, Sambasivan said inorganic growth will always be a key component of the company's growth strategy.

"Our strategy is not just going to be for the sake of revenue, it's more strategic capabilities that we will bring in, in areas where we may not be strong. For example, one of the most underserved markets that we have today - out of the four markets, life sciences and pharma is the smallest market that we serve. So really focused on technologies, capabilities and services that serve the life sciences and pharma markets that would be a big focus."

The company, which is expanding into the UK and Europe region, would also look at organisations that can help in expanding its presence in these markets, he added.

"Companies with very innovative technologies or offerings will be a third focus...anything that can add to our products and platforms. So those are really the top areas...the (target) companies could be anywhere between USD 25-100 million in terms of revenue size," Sambasivan added.

Founded in 2005 by Rizwan Koita and Jagdish Moorjani, CitiusTech provides healthcare technology services and solutions to over 120 organisations across the payers (insurers), medical technology and life sciences markets.

The company has over USD 300 million in annualised revenue and has close to 5,500 employees, including 4,500 in India. CitiusTech was acquired by Baring Private Equity Asia last year.

"...we had an arrangement with Baring that we would achieve a leadership transition...Bhaskar joined us in May and we are really super excited with the kind of background that he brings - both from scaling technology companies as well as the deep knowledge of the healthcare domain," CitiusTech co-founder and outgoing CEO Rizwan Koita said.

He added that he will continue to be on the board of the company, and support Bhaskar and the leadership team.

"Both Jagdish and myself will continue to own a significant equity in the business, close to 20 per cent of the ownership of the company continues with the founding team. So we continue to be important shareholders, board members as well as supporters of the company going forward," he noted.

While Koita and Moorjani are stepping down from their executive roles, they plan to commit more time to not-for-profit and social impact initiatives.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)