In 2019, Gautam Kumar and Mazikeen Lee established ImageRx Pdt. Ltd., a company founded to provide medical diagnostic services across South and Southeast Asia. ImageRx would purchase successful diagnostics providers and integrate them into a comprehensive provider business across multiple countries. It began the growth by buying a highly successful healthcare imaging company called Exfinity.
Understanding acquisition and exit opportunities and approaches is important for any investor. This is particularly important in less-developed markets. India, while a fairly liquid market, still poses challenges for companies looking to sell their position. In other geographies, the exit strategy is even more of a concern.
While this case is not about the exit of ImageRx investors, an exit plan played a key role in ImageRx’s acquisition approach. In the author’s discussions with the decision makers at ImageRx, concerns over exit options were the reason they were not committing to a specific time at which a payout to their investors would be made.
This case study examines the process ImageRx went through in identifying Exfinity and incorporating it with a future portfolio.