Mumbai : The MphasiS BFL Group, one of India’s leading mid-size IT services firms, said Monday it had acquired a US-based business process outsourcing (BPO) company for $16.5 million to expand presence overseas.

The all cash transaction to acquire Eldorado Computing Inc., a profitable entity with revenues of over $10 million, is likely to be completed in the quarter ending March 31.

Eldorado Computing specializes in back-office claims processing and management solutions for the health insurance industry.

“This acquisition is part of MphasiS’ overall business strategy to strengthen our footprint in the US and to enter the healthcare insurance and payment market,” said Jerry Rao, chairman and chief executive officer of MphasiS BFL.

“The deal is a perfect strategic fit for MphasiS as it provides a well-established software platform and healthcare customer base,” Rao told a press conference here.