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December 11, 2012

Sutherland Global Services to Acquire Apollo Health Street

Conshohocken, Penn. – The board of directors for Apollo Hospitals Group announced today the acquisition of their outsourcing business, Apollo Health Street, by Sutherland Global Services based in Rochester, N.Y. The transaction is expected to close by February 2013, subject to customary regulatory and other conditions.

This acquisition will position the combined organization as a leading Healthcare service provider with comprehensive information technology and business process integrated solutions and consolidate its presence as a dominant player in the $38B US Healthcare business process outsourcing (BPO). This also fosters Apollo Hospitals’ strategic intent of focusing and growing its core healthcare delivery services.

Established in 1986, Sutherland offers an integrated portfolio of analytics-driven back-office and customer facing solutions that support the entire customer lifecycle. It is one of the largest, independent BPO companies in the world serving global leaders in major industry verticals. The company has over 30,000 employees globally working out of 35 operations centers in the United States, Philippines, India, UAE, Egypt, Bulgaria, UK, Canada, Jamaica, Mexico, and Colombia.

Dr. Prathap C. Reddy, Founder Chairman of Apollo Hospitals, one of Asia’s premier Healthcare groups commented, “In order to drive Apollo Health Street's growth to the next stage of its evolution, it was essential to find the right strategic partner. In Sutherland Global Services, we have found the ideal partner with a proven track-record of excellence in services, technology, and leadership. The combined capabilities of both companies will create a compelling value proposition for our clients.”

Apollo Health Street’s outcome-based BPO, as well as information technology solutions and clinical domain expertise, supports US hospitals, physicians and health plans to not only improve their current operations but also address the challenges and opportunities created by on-going healthcare reforms in the United States, including Meaningful Use, Health Insurance Exchanges (HIX), ICD-10, and Accountable Care Organizations (ACOs).

Ms. Sangita Reddy, Managing Director, Apollo Health Street added, “Over the years, Apollo Health Street has established a very successful suite of technology platform driven solutions for its marquee list of healthcare clients. We are pleased that a strategic player like Sutherland Global Services is acquiring Apollo Health Street and will expand and enhance our successful operations. Apollo & Sutherland are both committed to ensuring customer success, smart technology, and employee growth.”

Apollo’s global clients will now be able to leverage Sutherland’s secure and scalable global infrastructure with full access to Sutherland’s suite of analytics-enabled services. Additionally, Sutherland will utilize Apollo’s domain driven technology, best practices, and global resources to expand and secure its leadership position by providing integrated solutions to address the challenges and opportunities in the healthcare market as well as complex compliance and regulatory mandates.

“We have been extremely impressed by Apollo Health Street’s deep domain understanding and world-class platform based delivery capabilities,” said Mr. Dilip R. Vellodi, Founder Chairman & CEO of Sutherland Global Services, “With this acquisition, Sutherland addresses the central challenge facing major North American and European healthcare Providers and Payers - to provide exceptional service to patients in a cost effective manner. Apollo’s expertise, combined with our proven capabilities, strengthens our portfolio of Payer, Provider, and Health IT solutions in driving significant value to our client base.”

Barclays and Kotak Investment Banking are acting as financial advisors to Apollo Health Street, Jones Day and Amarchand & Mangaldas & Suresh A. Shroff & Co. are acting as legal advisors and Rajiv Ranjan is acting as the Corporate Advisor to Apollo Hospitals Enterprise Limited. Spark Capital Advisors (India) Pvt. Ltd. is acting as the financial advisor to Sutherland and Latham & Watkins and S&R Associates are acting as legal advisors.

About Apollo Hospitals Group

In 1983, Dr. Prathap C. Reddy, the architect of Indian healthcare, launched the first corporate hospital in India. An integrated healthcare company, the Apollo Hospitals Group has over 8,500 beds across 50 hospitals, more than 1,200 pharmacies and 100 diagnostic clinics, medical business process outsourcing services, health insurance services, and clinical research divisions with a focus on epidemiological studies, stem cell research and genetic research. To develop talent for the burgeoning need of superior healthcare delivery, the Apollo Hospitals Group has 11 nursing and hospital management colleges. Apollo, for over 26 years, has continuously excelled and maintained leadership in medical innovation, world-class clinical services and cutting edge research. Apollo hospitals are consistently ranked amongst the best hospitals globally for advanced medical services.

About Apollo Health Street

Apollo Health Street partners with the nation's leading hospitals and healthcare organizations to achieve healthcare's True Return – the financial strength to offer excellent patient care today and tomorrow. Enhancing their clients' team and resources, Apollo Health Street develops tailor-made, world-class solutions to tackle healthcare's toughest financial challenges effectively. AHS’ solutions combine award-winning customer service with healthcare domain expertise, sophisticated technology and global resources. Apollo Health Street provides customized strategic support services to more than 150 healthcare partners throughout the United States from 10 global operational centers of excellence.

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