Wolters Kluwer, a Netherland-based information, business intelligence and point of care solutions firm for the tax, accounting and healthcare industries is planning to expand its base in India via tie-ups and acquisition route.
The company which started its operations in India in 2006, provides software and apps to various sectors, plans to get into tie-ups with major hospitals chains in tier-I cities and also target hospitals and healthcare centres in tier-II and III towns.
Wolters Kluwer earned revenues of two billion euros in the first half of this year. It reported in 2014 annual revenues of 3.7 billion euros. The group serves customers in over 170 countries, and employs over 19,000 people worldwide. In India the company has around 750 employees at present.
The company plans to come out with support software specifically for the healthcare sector and would acquire smaller software solution providers to expand in India. The company has already managed tie-ups with major hospitals.
"For the healthcare sector we have software called UpToDate. At present leading hospitals and chains such as AIIMS, Ganga Ram Hospital, MAX Hospital, KMC, Tata Memorial hospital, CMC Vellore, G.S Seth medical College across cities like Delhi, Manipal, Mumbai and Bengaluru are all subscribing to this software," said Corinne Saunders, CEO, Wolters Kluwer Emerging and Developing Markets.
UpToDate is an 'evidence based, peer reviewed information resource' which aids doctors answer questions quickly, increase clinical knowledge and improve patient care. "It has greatly helped doctors understand health problems better which their patients are facing," added Saunders.
According to the company, it plans to get into tie-ups and also acquire companies which are into providing digital healthcare solutions.
"In India we will be expanding in the digital health segment and acquire assets which will help us expand in this direction. We will target hospitals in tier-II and III cities and showcase our products and explain need for them to adopt such software and applications," said Shireesh Sahai, CEO, Wolters Kluwer India.
"Over the last ten years we have acquired around $900 million of assets. We will do more acquisition in emerging markets year on year," added Saunders. He however did not specify the money allocated for investments in India.
In an effort to tap the growing number of mobile phone users the company plans to come out with more app based solutions for various sectors. "In India 'Evidence based Medicine' is still in its nascent stage. But, it is getting a good response from the market and customers are increasing month on month," added Sahai.
The company also caters to tax and accounting sectors in India and is also globally selling software which is made in its research and development lab in Pune. "CCH iFirm Practice Manager is an online practice management software designed around jobs, workflow and resourcing. It offers a single integrated, cloud software solution," said Sahai.
He added that the iFirm software already has 100 customers and is fast expanding. The company said that it expects massive growth in Asia Pacific region, India being a major contributor to it. Wolters Kluwer in July topped first-half revenue expectations and said it was on track to meet full-year targets, with growth in North America and Asia Pacific outweighing a decline in Europe.