The sale of Los Angeles-based healthcare BPO firm GeBBS Healthcare Solutions has entered into the last lap with Hillhouse Investment emerging as the highest bidder to acquire the company. Hillhouse, according to people in the know, has offered about $870 million for a 100% stake against an offer of $855-860 million by the next contender, EQT Partners . Earlier this year, Hillhouse had partnered with a senior management team in India to build an IT-enabled Business Process Management (BPM) platform - Novarete.
The team behind Novarete is headed by Gautam Barai (formerly COO and President at WNS) and Gautam Narayan (Ex Partner, Apax Partners). If successful, post acquisition Gebbs will be run by these two industry veterans. However, the final decision will come out in next 2 weeks as ChrysCapital, which owns Gebbs, is doing another round of negotiations with Hillhouse and EQT, added sources.
Other contenders, Carlyle or CVC Capital Partners has not submitted any binding bid. ChrysCapital - the homegrown fund owns about 80% stake in Gebbs. A clutch of global funds including Carlyle, Hillhouse Capital and CVC Capital were shortlisted to acquire GeBBS Healthcare Solutions, ET reported in July.
Founded by Vijay Singh in 2005, GeBBS Healthcare Solutions is a leading player in offshore healthcare administrative services - a provider of revenue cycle management (RCM) solutions. Gebbs employs 14,000 staffs under 16 delivery centres across the globe. Globally, GeBBS competes with Wipro,.