TROY — An IT provider serving the health care industry that was co-founded by Compuware Corp., the Detroit Medical Center and Oakwood Healthcare has been acquired.
HTC Global Services announced the acquisition of CareTech Solutions Inc. Both companies are based in Troy. Terms of the deal weren’t disclosed.
“This acquisition is an integral part of our strategy of exponential growth in our chosen areas of IT competencies,” said Madhava Reddy, president and CEO of HTC, who will also take on the role of chairman of CareTech. “CareTech will retain its brand name and operate as a wholly owned subsidiary of HTC under its current leadership team. The addition of a successful company like CareTech, which provides focused IT services and solutions to the healthcare Industry, expands our footprint in the USA and allows us to strengthen and broaden our range of service offerings. This is an excellent opportunity to increase job opportunities in Michigan and to expand our services globally.”
Jim Giordano will continue to lead CareTech as its president and CEO. In a statement, he said: “CareTech and HTC share the same values, culture and commitment to customer service that helped rank CareTech as an industry leader. I am confident that the combination of our two companies will further strengthen our value proposition, providing additional services for our customers and new opportunities for our employees.”
Established in 1990, HTC has offices in several countries and global delivery centers in North America, India, and Malaysia to serve customers across the globe. It employs more than 6,500 people. CareTech, meanwhile, has more than 1,200 employees, all in the U.S.
According to Crain’s Detroit Business list of privately held companies, HTC had 2013 revenue of $153 million, up from $135 million in 2012, while CareTech had 2013 revenue of $162.8 million, up from $161 million in 2012.