Integrated diagnostic service provider, Manipal HealthMap on Tuesday said it has acquired a majority stake in Hyderabad-based Medcis Pathlabs Pvt Ltd.
The acquisition through an all-cash deal helps Manipal HealthMap expand its footprint to 19 additional centres taking the total to 60 diagnostic centres across 14 states of India, the company said in a statement.
The company, however, did not disclose the financial details of the transaction.
''This acquisition is in sync with our brand salience to serve patients across multiple states with high quality yet affordable radiology and pathology services supported with state-of-the-art technology for accuracy and faster reporting,'' Manipal HealthMap CEO Dr (Capt.) Sandeep Sharma said.
Medcis Pathlabs, currently has presence in southern, western, and northern parts of the country.
Its central lab in Hyderabad is NABL-accredited and caters to the molecular and cytogenetics segments, while the other labs cater to an exhaustive service for biochemistry, haematology, and immunology tests, the statement said.
''In this new journey with Manipal HealthMap, we are certain of meeting the growing and ever-evolving demands of pathology services across the length and the breadth of the country,'' Medcis Pathlabs CEO Bharat Kumar Anagani said.
The combined entity will also have a consolidated back-end operation of its labs at common locations of Pune, Delhi, Bengaluru, and Nagpur.
Manipal HealthMap said the acquisition is also in line with its strategy to achieve high growth in the integrated diagnostic space and gain significant market share by acquiring existing facilities and organically expanding reach and offerings.
(With inputs from PTI)