CVC Capital Partners, Advent International, Carlyle and Temasek are among private equity firms evaluating the acquisition of EQT Partners’ 40% stake in healthtech firm CitiusTech in a potential deal likely at around $1 billion, three people familiar with the matter said.
Others such as Ontario Teachers’ Pension Plan (OTPP) and Blackstone are also evaluating the asset, two of the three people cited above said on the condition of anonymity. The people added that JP Morgan is conducting the sale process.
“While no bids have been placed, the process has been initiated to gauge market interest even as the IT services industry undergoes a challenging time,” a third person said, adding that the deal is still in early stages and the contours are still being decided.
The development comes against the backdrop of a consolidation in the broader IT services space, which has seen various mergers and acquisitions in recent times. The move further underscores the company’s plans to explore various acquisitions to establish its market presence ahead of a planned public listing in the near term.
Blackstone, EQT, JP Morgan, Carlyle, Advent and Temasek declined to comment, while emails sent to Citius Tech, CVC, and OTPP did not elicit a response till the time of publishing.
In March 2014, CitiusTech had raised capital from General Atlantic. Baring Private Equity Asia, rebranded EQT in 2022, acquired a majority stake in Citius Tech through its India pool of capital in 2019.
In 2022, Bain Capital’s private equity arm joined CitiusTech’s capitalization table after buying a portion of EQT’s stake in the company. If the latest process goes as planned, it will mark EQT’s complete exit from its seven-year-old bet in the company.
To be clear, CitiusTech’s current shareholders each hold roughly a 40% stake in the company, with the remaining held by the promoters and employees, as per online reports.
Other prominent deals in the IT services space include Zensar’s potential stake in Mastek, PAG evaluating an investment in Accion Labs, Happiest Minds’ co-founder Ashok Soota exploring a stake sale in the company, as per various reports.
Founded in 2005 by Rizwan Koita and Jagdish Moorjani, Mumbai-based CitiusTech provides a range of digital healthcare technology and consulting services to more than 130 leading healthcare and life sciences organizations.
With artificial intelligence-driven solutions taking centre stage, CitiusTech has made investments in proprietary platforms, accelerators, and scalable, repeatable solutions to address industry needs such as value-based performance, technology modernisation, patient engagement, medical imaging, digital front door, and digital health transformation.
In 2025, Mint reported on the company’s growth push through acquisitions and its plans to evaluate an IPO either in the US or India later in the year. The healthtech firm said it is exploring expansions in Europe and Japan, as demand for healthcare technology services increases among medtech, healthcare, and life sciences companies.
In the past, it has acquired companies like FluidEdge and SDLC Partners, which have strengthened its market position in the healthcare domain consulting and end-to-end digital transformation solutions across its key markets – MedTech, payers, providers, and life sciences.
CitiusTech’s top competitors in the healthcare technology, digital health, and IT services sector include Innovaccer, Abacus Insights, Emids, Cotiviti, Altera Digital Health, and Inovalon, as per various online reports.
In FY24, the company reported a revenue of ₹3,552 crore and a profit of ₹350 crore, according to data sourced by Tofler from the ministry of corporate affairs.
The company had stated plans to achieve $1 billion in revenue by FY28, Mint reported, adding that it clocked high-single digit revenue growth in FY25 and expects mid-teen growth in the current fiscal year.
