According to a press release, the deal was completed on September 30, 2019, and it involves Interswitch acquiring a 60% stake in eClat through the purchase of shares from current shareholders and subscription to new shares issued by the company.
Founded in 2012, eClat Healthcare Limited specializes in assisting healthcare service providers in planning, designing and operating their unique practices through the deployment of its bespoke healthcare technology platform, designed specifically for the healthcare environment in Africa.
On why it acquired eClat, Interswitch said in the statement: “Nigeria’s healthcare system currently lacks adequate funding and a national framework, leading to operational inefficiencies. Interswitch’s strategic investment in healthcare technology aims to address these challenges by modernising the healthcare sector in Nigeria and eventually in Africa through its innovative products and services.
“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.”
For Mitchell Elegbe, Founder and Group Managing Director/Chief Executive Officer of Interswitch, He said: “We are a technology company that is innovating to deliver value across sectors that are critical to Africa’s social and economic development, our acquisition of eClat demonstrates strong progress along with this strategy and alignment with our corporate vision.”
On his part, Dr Wallace Ogufere, co-founder/CEO of eClat Healthcare Limited stated: “The growing adoption of value-based care, combined with the increasing level of usage of patient portals across the industry, has made it critical to take a new approach to patient engagement solution design in Nigeria.
“We expect to tightly integrate the eClat capabilities into the Interswitch platform, adding functionality that would enable providers to reach their entire patient populations by leveraging existing patient contact information”.
This new acquisition by Interswitch represents the latest of several strategic investments executed by the company to enhance Interswitch’s product and service offering and expand its reach into new markets as the payments technology sector in Africa expands rapidly.