US-based Eclat Health Solutions, which is into coding and analytics of medical records, is planning to raise $50 million by the year-end for expansion and to buy firms.

“We are in talks with a private equity player and a strategic investor. We will take a call on the investor by October,” Karthik Polsani, Chief Executive Officer of Eclat Health Solutions, told BusinessLine .

The firm has operations in the US and in Chennai and Hyderabad in India. Its delivery centre in Karimnagar was inaugurated today by IT Minister KT Rama Rao.

It signed a memorandum of understanding with the Telangana government in May to set up the centre with an overall investment of $15 million.

The eight-year-old firm is privately held and has not raised any funds so far. “We will use the funds to acquire niche areas such as billing and medical records with a ticket size of $5-10 million. Part of the proceeds would go to organic growth,” he said.

“We are starting the operations at our third facility with 200 employees. We will increase it to 1,000 in two years. We are also looking to open another centre at Warangal where the State government is establishing an IT park,” he said.

Part of the Polsani Group of Companies, Eclat Health has 550 employees in India, including 250 in Hyderabad and 100 in Chennai. The group has interests in education, food and hospitality and renewable energy.

The company is hiring from local colleges and giving the recruits with necessary skills. “They have AHIMA (American Health Information Management Association) certification which is an important requirement,” he said.

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