New Acquisition: Interswitch acquires healthcare company eClat

New Acquisition: Interswitch acquires healthcare company eClat
November 04 21:25 2019 Print This Article

Nigeria’s leading e-payments giant Interswitch has acquired a majority stake in healthcare technology company, eClat.

The deal completed in September means Interswitch is staking for a place in the electronic health records and mobile clinics space in Nigeria. Integrating its famed payments infrastructure with eClat’s seven-year experience in providing support services to healthcare service providers, it could prove an innovative combination from one of Africa’s biggest companies. eClat currently operates in Lagos, Oyo, Edo, Delta, Enugu and Ondo states.

By acquiring shares from current shareholders and subscribing to the newly issued shares, Interswitch now owns a 60% stake in eClat Healthcare Limited. The payments company sees its latest acquisition as a vehicle for addressing Nigeria’s long-standing challenges in healthcare delivery.

“The combined product offerings of Interswitch and eClat are expected to, amongst other things, enable operators in the healthcare sector to develop new capabilities, improve the efficiency of their core operations and facilitate seamless payments”, according to a company statement announcing the acquisition.

In both Nigeria and Africa, fintech companies took in about six times more investor funds than healthcare tech companies in 2017, a TechCabal ‘State of Health Tech in Nigeria’ study shows. Interswitch’s move marks the second major acquisition in the Nigerian health tech space in recent times. As the global discourse on development highlight the need for governments to ease and democratize access to quality healthcare for its citizens, it is noteworthy to see a leading technology company take an active role.

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Blessed Matt
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