HTC Global Services, a Michigan-based global IT company, recently acquired CareTech Solutions, also of Michigan, which develops health IT and web products for hospitals and healthcare systems.
For HTC Global, the acquisition “is an integral part” of its strategy to tap into the “exponential growth” occurring within the health IT space, according to Madhava Reddy, president and CEO. He will also become chairman of CareTech. which will retain its brand name and operate as a wholly owned subsidiary of HIC under its current leadership.
Terms of the deal were not disclosed.
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“This is an excellent opportunity to increase job opportunities in Michigan and to expand our services globally,” Reddy said in a statement. No job cuts or consolidation will take place, the Detroit Free Press reported, noting that CareTech employs 650 people in Troy and 1,200 nationally. HTC employs some 200 in Troy and another 6,000 globally, according to the Free Press.
Jim Giordano will continue to lead CareTech as its president and CEO