CVC, Advent, Carlyle, Blackstone circle Citius as EQT weighs billion-dollar exit
Two of the three people cited above said on condition of anonymity that other companies, such as the Ontario Teachers’ Pension Plan (OTPP) and Blackstone, are also considering the asset. JP Morgan is handling the sale process, the people added.
“Although no bids have been submitted, the process has been initiated to gauge market interest even as the IT services industry is going through a challenging period,” said a third person, adding that the deal was still in its early stages and drafts were still being finalized.
This development comes against the backdrop of consolidation in the broader IT services space, which has seen several mergers and acquisitions in recent times. The move underscores the company’s plans to explore various acquisitions to build its presence in the market ahead of its planned IPO in the near term.
Blackstone, EQT, JP Morgan, Carlyle, Advent and Temasek declined to comment, while emails to Citius Tech, CVC and OTPP did not respond by time of publication.
In March 2014, CitiusTech raised capital from General Atlantic. Baring Private Equity Asia, which was rebranded as EQT in 2022, acquired a majority stake in Citius Tech through its Indian capital pool in 2019.
In 2022, Bain Capital’s private equity arm joined CitiusTech’s capitalization table after acquiring a portion of EQT’s shares in the company. If the final process goes as planned, this will mean that EQT will exit its seven-year hold on the company entirely.
To put it bluntly, CitiusTech’s current shareholders each own roughly a 40% stake in the company, according to online reports, with the rest held by promoters and employees.
Other prominent deals in the IT services space include Zensar’s potential stake in Mastek, PAG’s investment consideration in Accion Labs, Happiest Minds co-founder Ashok Soota is exploring a stake sale in the company, according to various reports.
Founded in 2005 by Rizwan Koita and Jagdish Moorjani, Mumbai-based CitiusTech provides a range of digital health technology and consulting services to over 130 leading healthcare and life sciences organisations.
With AI-driven solutions at the core, CitiusTech has invested in proprietary platforms, accelerators, and scalable, repeatable solutions to meet industry needs such as value-based performance, technology modernization, patient engagement, medical imaging, digital front door, and digital health transformation.
in 2025 Mint He reported on the company’s growth through acquisitions and plans to consider an IPO in the US or India later in the year. The healthtech firm said it is exploring expansion in Europe and Japan amid growing demand for healthtech services among medtech, healthcare and life sciences companies.
In the past, it has acquired companies such as FluidEdge and SDLC Partners, strengthening its market position in healthcare domain consulting and end-to-end digital transformation solutions across its key markets: MedTech, payers, providers, and life sciences.
According to various online reports, CitiusTech’s top competitors in the health technology, digital health and IT services sector include Innovaccer, Abacus Insights, Emids, Cotiviti, Altera Digital Health and Inovalon.
The company reported the following amount of revenue in FY24: ₹3,552 crore and profit ₹350 crore, according to Tofler’s data from the ministry of corporate affairs.
The company had announced that it plans to generate $1 billion in revenue by FY28. Mint It recorded high single-digit revenue growth in FY25 and expects growth in the mid-teens in the current fiscal, the report added.
