PHNS, a Business Services Outsourcer, Sells for $250M

November 9, 2010 – The ConJoin Group, an investment and turnaround firm targeting underperforming business process outsource services companies, has acquired information technology and business services outsourcer PHNS for $250 million.

ConJoin Group will drop its name and operate under the PHNS name. Richard Garnick, head of ConJoin, will serve as CEO of PHNS, but leaders Charles Young, Daniel Allison and Richard Kneipper will remain with PHNS.

Dallas-based PHNS serves 1,700 customers, including 400 hospitals. It offers a range of I.T., health information and revenue cycle management services. These include managing applications, desktops, business continuity, data center, security, Web services, medical records department functions, and billing and collections. The company has annual revenue of about $250 million.

Boston-based ConJoin has most of its operations in Hyderabad and Mumbai, India, where it outsources much of the work of acquired companies.

This originally appeared on Health Data Management.

Joseph Goedert is news editor at Health Data Management.

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