EQT Partners is preparing to sell its entire 40% stake in CitiusTech, aiming to raise close to $1 billion (₹8,996 crore). The potential deal is expected to value the healthcare technology and consulting firm at $2.2–$2.4 billion, or around 18–20 times its projected FY26 EBITDA of $120 million.
CitiusTech, founded by Rizwan Koita and Jagdish Moorjani, is jointly owned by EQT and Bain Capital, with the remaining shares held by the founders and employees. EQT first acquired an 80% stake in 2019 at a valuation of just over $1 billion and partially exited in 2022, when Bain bought half of its holding for about $960 million. However, current market conditions may limit EQT’s ability to secure a higher valuation than the 2022 round.
The company is among the world’s leading healthcare IT and digital consulting providers, with over 7,500 professionals and more than 140 clients including major US hospitals, insurers, and MedTech companies. The US accounts for roughly 95% of its revenue, though CitiusTech is expanding into Europe and Japan.
Its capabilities span healthcare interoperability, secure data platforms, analytics, patient experience solutions, medical imaging, connected health, and value-based care. The firm has also strengthened its portfolio through acquisitions such as Health Data Movers, Wilco Source, and SDLC Partners. Client churn after some buyouts led to the appointment of former Wipro executive Rajan Kohli as CEO in 2023.
CitiusTech has shown renewed growth after two years of subdued IT spending globally, and it has set a target of $1 billion in revenue by FY28. The company is also evaluating a potential IPO in the US or India as it anticipates mid-teen revenue growth in FY26.
