Tuesday, July 16th, 2024

QMS Medical Allied Services Ltd executes binding term sheet to acquire Saarathi Healthcare Pvt Ltd and Prometheus Healthcare Pvt Ltd

Acquisition in line with company’s key strategic priorities and will further expand company’s total addressable market in the value-added of Healthcare business.

Mumbai (Maharashtra) [India], October 31: Medical devices company, QMS Medical Allied Services Ltd (QMS) has executed binding term sheet to acquire Saarathi Healthcare Pvt Ltd and Prometheus Healthcare Pvt Ltd. The acquisitions are in line with company’s key strategic priorities and aims to further expand company’s total addressable market in the value-added of Healthcare business.

Saarathi Healthcare Private Limited is engaged in the business of running Disease management, early diagnosis, screening with POC devices and otherwise, disease awareness, access programs across therapy by using digital tools as well as physical interaction models. The Company was incorporated on October 21, 2010 is headquartered at Thane, Maharashtra. Company’s revenue from Operations for FY 22-23 was Rs. 59.90 crore.

Prometheus Healthcare Private Limited is engaged in the business of Digital marketing, client servicing, booths / conferences, CMEs and other healthcare related services. The Company was incorporated on June 11, 2013 is headquartered at Thane, Maharashtra. Company’s revenue from Operations for FY 22-23 was Rs. 2.00 crore.

Incorporated in 2017, QMS Medical Allied Services Limited is engaged in the marketing and distribution of a wide range of medical products as well as medical education services. The company’s products are sold under brand name “QDevices” and they also manage the distribution for other brands such as 3M, Heine, Rossmax etc. The company offers medical products such as Blood Pressure Monitors, Glucose Monitoring Kits and strips, Dental Products, Personal protection kits eg-PPE kits, Infection prevention, Stethoscope and Oxygen Concentrator. The company operates three business verticals and offers 600+ SKUs with 130+ customers. For FY22-23, QMS Medical has reported net profit of Rs. 6 crore and sales of Rs. 104 crore.

QMS Medical Allied Services Ltd launched its public issue of Rs. 56.87 crore in September 2022 to fund company’s expansion plans including meeting additional working capital requirements and general corporate purposes. IPO comprised of a fresh Issue of 28 lakh equity shares and Offer for sale of 19 lakh equity shares of face value Rs. 10 each at a price of Rs. 121 per share (including a premium of Rs. 111 per equity share) aggregating Rs. 56.87 crore. Post issue promoter group holding in the company came to 73.67%.

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