M&A announcement

Oct 6, 2025

Summary

The acquisition adds BioPharm’s brand-side omnichannel execution, data, and technology to complementary enterprise capabilities. The $104 million deal is expected to support cross-selling and ~$1 million in annual cost synergies, with EPS accretion beyond 5-6 quarters.

Ladies and gentlemen, good day and welcome to the Indegene Ltd. corporate update conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek. Thank you, and over to you, sir. Thank you, moderator. A very good evening to all of you, and thank you for joining us today for Indegene's business update call. Today, we have with us Mr. Manish Gupta, Indegene's Chairman and CEO, and Mr. Suhas Prabhu, CFO, to share the highlights of this acquisition. I hope you have gone through the investor presentation, which has been uploaded on the website as well as the stock exchange website. The transcript of this call will be available in a week's time on the company's website. Please note that today's discussion may be forward-looking in nature and must be viewed in relation to risks pertaining to our business. After the end of this call, in case you have any further questions, please feel free to reach out to the IR team. I now hand over the call to Manish to make his opening remarks. Thank you, Abhishek. Good evening, everyone. Thank you for joining our business update call. As you all would be aware, we had some exciting and significant news to share last week. We announced the acquisition of BioPharm, a U.S.-based omnichannel marketing business focused on the life sciences industry. The agenda for this business update is to discuss the acquisition and the implications for our business going forward. Given that we are in a silent period, we will not be discussing anything related to our Q2 performance. We appreciate your understanding on this matter. Now, let me get into some industry context. Within the large $2 trillion pharma industry, sales and marketing spends are a significant percentage and are the largest spend. Within this, spends are shifting to marketing, especially digital engagement, which has been growing and evolving at a pace faster than the industry growth or spend growth. Indegene has a very strong presence in this area of sales and marketing as an enterprise partner through our enterprise commercial segment, and also as a brand partner through our brand activation segment. Starting approximately somewhere in 2010, some of the activities in digital physician engagement started getting centralized. Indegene, with its unique, specialized medical, commercial, creative capabilities, coupled with strong technology capabilities and IP, global operating model, and also output-based pricing model, could add significant value to what the life science industry wanted to achieve, and that enabled us to grow as Indegene from an approximately $10 million business in 2010 to a $335 million revenue company last March, or March 2025. We believe we are seeing the next level of centralization and change in operating model. This time, the reason is the top-down pressure on the life science industry and what AI could offer. As companies adopt and use AI, the only way to drive standardization in a compliant manner while securing high adoption of AI in sales and marketing will be through centralization. The incumbents, which are healthcare agencies, will not be best suited for this to deliver the benefits through wide and global usage of AI. We are excited seeing the benefits and the value that we can bring, hence we are doubling down on our preparedness for enhancing as well as scaling our capabilities for this next phase of evolution of the life sciences sales and marketing model. This is where this acquisition of BioPharm fits in. Let me come down from this 30,000 feet level to closer to the ground. The digital marketing activities has a few stages: strategy and planning, one. Creatives, content production, and campaign execution. While Indegene has had capabilities across all these stages, our acquisition of CultHealth in 2022 helped strengthen our capabilities on the strategy, planning, and creative side. This is what led us to create the Tectonic offering. With BioPharm, we are now able to strengthen our campaign execution capabilities in a similar way. We solve for upstream content and creative development through Tectonic and the downstream distribution of this content through omnichannel. This allows us to access a larger share of the overall marketing spend. We are and will continue to embed AI in all these capabilities and use our output-based pricing model to truly differentiate ourselves. Coming to BioPharm and its background. This business was founded in 2005 and is headquartered in Pennsylvania. Steve, who is the President at BioPharm, joined the company in 2010. The business was acquired by PE firms in 2012 and then subsequently bought by Omnicom Health Group, where it has since been. BioPharm is a leading provider of hyper-targeted HCP engagement solutions. HCP stands for healthcare professionals. Solutions on behalf of biopharmaceutical sponsors, both large as well as mid-size, and a few small and emerging players. It has deep expertise in omnichannel strategy, end-to-end media journey, spanning strategy, planning, and operations, and data-driven campaign execution. Blending analytics, automation, and targeted engagement to deliver turnkey precision marketing solutions. BioPharm serves 17 of the top 25 global pharma, has about 32-plus active customers. Approximately 100 full-time employees, and has operated marketing campaigns in U.S. for 180 brands since 2023. A significant portion of the business comes from repeat engagements and referrals, reflecting client trust in delivering consistency. From a financial standpoint, in the calendar year 2024, and mind you, it's a calendar year, it recorded gross revenues of $38 million, net revenue of $29.2 million, and the healthy EBITDA of $7.9 million. These numbers, though unaudited, are basis the CY24 data from the due diligence report. On the business side, BioPharm has two key offerings or segments. One of them actually is called BioPharm. This is not the company, but the segment name itself, and second one is Addressable Health. The first one, BioPharm, is the core offering and the bulk of the business. This offering creates push engagement through programmatic campaigns. Indegene while had some of these capabilities and credentials on the enterprise side, BioPharm is adding deeper capabilities and credibility on the brand side. Brand capabilities and credentials will be important for the next level of growth. The second segment offering is Addressable Health. This creates a pull engagement through precision and zero-waste media programs, primarily targeting medium and small-sized brands and also large brands, especially those that are approaching end of exclusivity to optimize their marketing spends. Addressable Health provides end-to-end omnichannel media agency solutions. It takes a unique approach by focusing on known audiences to improve engagement rates and generate higher ROI on marketing spend. This offering was formed in the last few years and has been a key driver of growth in the recent past and is expected to drive growth going forward as well. This is a very good addition to Indegene's capability set, and we believe over the next couple of years, we would be able to scale this on both brand and enterprise side of the business. Both these segments are powered by what is called Tandem. This is the name of the platform that provides data and insights to drive these hyper-targeted omnichannel capabilities. More on Tandem in just a bit. When we evaluated BioPharm, we recognized the strengths that this business has built. An impressive growth flywheel with advanced tech-driven omnichannel capabilities, a rich data product, deep therapeutic expertise, long-standing client relationships, and held by a leadership team with 20-plus years of average industry experience. This acquisition solves two primary strategic imperatives for us. First, BioPharm and Indegene as a combined entity now emerge as a powerful player in the brand activation space, combining the right mix of integrated end-to-end marketing capabilities, credentials, talent, and client access, thus becoming a true force in the market. It positions Indegene to be future-ready for truly omnichannel engagement and strengthens our ability to deliver full-funnel precision marketing through additional channels and richer datasets for hyper-targeted outreach. More specifically, it deepens penetration across channels and marketing mix. When I say marketing mix, I call email, programmatic, video, display, social, et cetera. Through Tandem, the data product augments our data play by expanding our HCP datasets from 1.8 million to 3 million. We had spoken to a lot of you about our datasets. We had a product called Invisage, which had 1.8 million physician profiles. Now that increases to 3 million. The data engine has a proprietary scoring and analysis model with these 3-million-plus HCP profiles and a proprietary promotional response data from 20-plus years of campaigns across 300-million-plus exposure events and 15-million-plus engagements. Indegene, as I mentioned, also had a data product called Invisage. The integrated Invisage and Tandem data IP increases our physician profiling datasets and expand them into areas like oncology, rare diseases, and ophthalmology. By the way, that is where the pipeline has been going. These datasets are converted into insights and high-impact engagement strategies that evolve and grow richer with each HCP engagement. The second imperative is financial. Revenues and cost synergies. Given the nature of BioPharm's customers and business relationships, there will be cross-selling opportunities within the combined customer base. The combined entity will be well-positioned to expand across more brands and customers, leveraging synergistic channels and data capabilities. We will be able to scale media engagements through newer deal constructs for both large and mid-sized pharma clients. Further, there will also be cost synergies arising from consolidation of data purchase and future operational and cost offshoring activities. By the way, all the 100 people in BioPharm are based in the U.S. Ultimately, this duo unlocks and accelerates the roadmap for AI-powered use cases, extending newly acquired capabilities to enterprise-level engagements, like Tectonic engagements powered through CultHealth acquisition. By combining data, tech, and AI, Indegene creates a unique and disruptive model for the future. Before I pass it on to Suhas, just a line on the management team. We acquired a very competent management team. As part of this deal, they are incentivized for the earn-outs, which Suhas will be alluding to. So revenues for the next five quarters, the next quarter or the coming quarter, and calendar year 2026, as well as the order book for 2027 is covered in this deal, which is going to be paid out of this total amount, is for the management team. We will, in the year 2027, 2028, be creating a performance-linked stock option plan for the management team. Given how the structure is today, the management team has been incentivized to stay on with the business for a reasonable long period of time. I will now pass it on to Suhas to take on the financials and transaction details. Thank you, Manish. A very good evening to everyone. Let me give you some more financial perspective on BioPharm's past performance and the transaction itself. BioPharm recorded a gross revenue of US$38.1 million in calendar year 2024. Net revenue for the same period was US$29.2 million. The difference between gross and net revenue is largely media buying expenses, such as digital media inventory, programmatic and banner ads, EHR, and paid services purchases, which are pass-through expenses charged to customers at actuals. On a net revenue basis, employee costs are 53%, and other expenses, including data access and technology costs, are about 20%, yielding an EBITDA margin of about 27% on net revenue. From a key metrics perspective, you may have noticed that BioPharm has a much higher revenue per employee and higher margins as well. Both of these point towards the specialized nature of work that BioPharm does and its use of data and technology to deliver outcomes for the client, rather than just operational engagements providing people-based expertise and measured based on input or on T&M basis. We believe the business has potential for higher growth rates than it has in the past. We already have customer engagements and opportunity pipeline, where we believe by bringing in the capabilities BioPharm has, we can increase our odds to win and have a larger share of the outsourced digital sales and marketing spends. We have already identified clients and opportunities where we will be taking this business, and our business as well as go-to-market teams are excited about this capability and the team at BioPharm. Similarly, the BioPharm team is also very bullish on what they have seen at Indegene and believe Indegene is a better home for them, and they can achieve their true potential, unlocking higher growth with Indegene. Moving on to the transaction details. We have acquired 100% interest in BioPharm Parent Holding, Inc., along with its two subsidiaries, BioPharm Communications, LLC, and Addressable Health, LLC, collectively referred to as BioPharm, for a total purchase price of $104 million on a debt-free, cash-free basis, plus approximately $2 million for the excess cash and working capital. The target working capital, cash, and tangible assets are estimated at approximately $6 million at closing. The purchase price will be paid in multiple tranches. Firstly, a guaranteed payment of $77 million, which implies approximately 9.8 multiple of the 2024 EBITDA and a 9.6 multiple of the 2025 EBITDA basis, the H1 performance in 2025. This has been divided into $65 million upfront, which has been paid at closing, and $12 million as deferred payment to be paid in March 2026. There are also two earn-outs. First one of $8 million, and the second at $19 million to be paid basis CY25 and CY26 performance. We are acquiring the business on an as-is basis, which covers all employees, IP, customer contracts, et cetera. The transaction is being funded entirely from the cash on the books of Indegene, which includes the internal accruals. We expect the deal to be EPS accretive beyond the first five to six quarters. The transaction expenses, which are estimated at approximately $0.8 million, and the integration cost for both operations and data, along with incremental go-to-market costs, combined with lower interest income due to the outflow towards the purchase price, would be the immediate impacts on our earnings. In terms of cost synergies, we expect around $1 million annually, which should start accruing beyond the integration phase. While we will be making incremental investments in the business to drive growth, these investments in the business should be offset by the cost synergies, and along with the growth in the combined business should result in a 27%-28% EBITDA on net revenue in around six quarters, which has been the historical margin rate that BioPharm has operated at. Along with the earn-out payments, we believe this transaction would be valued between nine to nine and a half times EBITDA multiples for us, which we believe is a good deal, given the very specialized capability set combined with the tech and data assets that we have acquired as part of this transaction. Those were some of the transaction details. With that, we will open the interaction to some Q&A. Back to you, Margaret. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for the question, please press star and then one. Our first question comes from the line of Ahmed Madar from Unifi Capital. Please go ahead. Yeah. Thanks for the opportunity, and congratulations to the entire Indegene team. First question was to understand the business mix of BioPharm. Can you give some sense what kind of client concentration does BioPharm have in terms of top five clients, top ten clients? That's one. Second, in terms of therapy exposure, what kind of concentration or diversification do they have? And in terms of contract tenures and renewal rates, if you can give some qualitative sense, that will be helpful. That was my first question. Thank you, Ahmed. Getting into some of the details on the customer concentration as well as the geographical spread. The business is entirely a U.S.-focused business currently, and therefore, 100% of the revenues are generated from brand engagements with pharma life sciences in the U.S. The customer concentration itself is about 80% for the top 20 customers, about 60% top 10 customers. And there are a handful of customers in that $2 million-$5 million kind of annual business. The churn rate of customers has been fairly low. Manish already mentioned that the business has some multi-year relationships and significant recurring business. And we've seen that most of the customer engagements are running for four to six years, if not more. But given our access during the diligence, I can say that we've seen many customer relationships spanning across four to six years currently. Finally, on the segmental breakup, approximately out of the $38 million revenue in calendar year 2024, about $7 million-$8 million is from Addressable Health, and $29 million to close to $30 million-$31 million is the BioPharm business. The first one being the push business, the other being the pull business. Wonderful. My second Yeah. Mm-hmm. Continue. Sorry. No, I hope I have addressed all your questions. Yes. Second question was to understand the data moat which we spoke about, right? So in terms of the data which BioPharm has, how much is this campaigns driven by the first party themselves, and how much is the syndicated data? And how do you see we can utilize that in terms of our business mix? Very difficult to break it out in terms of percentages, this part, right? It is a combination of both. But the uniqueness over here is that a lot of it is proprietary data, which is coming from the campaigns BioPharm has been driving for a very long period of time. And the good part is that we were covering, as I said, through Indegene 1.8 million. They have a 3 million physician set for digital propensity. And the channels they cover is being also very complementary to what we had. We had couple of channels like email, web. Whereas BioPharm also had things like programmatic ads, EHR and a bunch of other channels. So our data set becomes very comprehensive over there. BioPharm has also much richer data sets on oncology, rare diseases, and ophthalmology. Especially oncology and rare diseases is super valuable because that is where a lot of the drug pipeline is. We will be combining these into one data set, which can be used as part of our overall campaigns which we run for pharma companies. I hope that answers your question. Yes, it does. And on the financial side, can you just give some sense of earn-out KPIs, right? CY25, FY 2026, whatever payments you make, what are the KPIs for that? Number one. And number two, I missed out the number on amortization. So you said intangible is $6 million, if I am not wrong. So how does that get amortized? I just want to understand when we say EPS accretion few quarters down the line, how are we budgeting the numbers for all the numbers that are all the moving parts, basically, regarding the numbers. So it is two questions, one on the amortization and EPS accretion, which we spoke about, and second on the earn-out KPIs. How are we deciding the payment amounts? Yes. Amit, firstly on the amortization, the tangibles are $6 million, not the intangibles. And therefore, there would be a significant portion of intangibles that we would carry on the books. Right now, the purchase price allocation is still being worked out and is in a draft state. So we will make the disclosures at the appropriate time as things get finalized. But we believe that at an EBITDA level the accretion would be more immediate. As you rightly pointed out, the amortization, which would impact the EBIT and therefore the fact would be beyond a certain period. However, we still believe, given the strong margin profile, that over a five to six quarter period, the accretion to the EPS should be visible. Coming to your first question, which is on the earn-outs and the KPIs. The KPIs are linked actually to revenues and from an employee incentive perspective, even to the order book for the calendar year 2027. The revenues for 2025 and 2026 and the order book for 2027 would be the benchmark, and achievement in the range of 15%-20% growth year on year is what would result in the full payout of the earn-out. Of course, if the growth rate is lower, the earn-out would be pro rata reduced according to the agreed structure. We, however, believe that the business is a stable and well-run business and therefore, those growth rates in revenue should also result in similar growth rates to the margin as well. Understood. Thank you so much. I have a few other questions. I'll get back in the queue. Thank you. Our next question comes from the line of Chirag Kachhadiya from Motilal Oswal Financial Services Limited. Please go ahead. Hello. Congrats on this acquisition. I just have one question. If you look at the margin profile of BioPharm vis-a-vis our profile for the same, let's say, comparable vertical, what cost lever we can reduce going forward in our existing handle business after taking lessons from this BioPharm? Going forward, the common vertical can enjoy a higher margin profile. Yeah. One is, let's ask you, double-click on this, but there are a couple of things which we see. One is data purchase itself. BioPharm purchases data from third party, we purchase it. That itself is a lever, which we're going to start working on right away. Some bit of licensing cost. That's the other thing. There are few roles which we also believe we can combine. Those are, I would say, the three broad things which are right away. Then, of course, after that, with growth, we'll start adding more people, offshore rather than all of them being in the U.S. for this business. Thank you. Yes. Manish already has elaborated. Those would be the four, I think. Okay, thanks. Thank you. Our next question comes from the line of Sankaranarayanan S from iThought PMS. Please go ahead. Good evening. Congrats for the acquisition. My question was related to the scale and what benefits they have got post acquiring the Omnicom Group in 2016 because they are a very big group in advertising across sectors. So what benefits and what kind of scale they have achieved from there on? That's a question for not us to answer this point of time. Omnicom will be a better group for answering that. But as you can imagine, advertising agencies are going through their own struggles. What I can tell you is the management team at BioPharm is super excited. We not have to do a much job in selling Indegene and that this is a better home for them. But what exactly did Omnicom do and other stuff, that's a difficult one. Okay. My question was more related to how did they scale, like what benefits they got after acquiring via Omnicom? Okay. My second question is, for the last three years, their revenue have been stagnating around $40 million, the gross revenue. What is the reason behind this? As I mentioned, again, what Omnicom did was not a great idea. This business was run primarily for margins, right? The broader sales and marketing engines, broader tech engines, we believe were not leveraged to really unlock potential in this business. That is the reason the management team is excited to be working with us, right? Within a few weeks of diligence, we had thesis of where we can take this business, which areas can be combined with which clients, and our sales and marketing teams have been working with the senior leadership over here on the tech side, on the data side. We had bunch of ideas which we started crystallizing even in the diligence process. I do not think that all stuff was done well, right? Hence, the business was running on its own. With the tailwinds and some of the overall might we can bring as Indegene with our sales and marketing engine, our tech teams, our data teams. We think a lot of potential can be unlocked, which was not a great job was done before this. Understood. Can we assume that our upcoming acquisitions would further accelerate our Tectonic strategy? See, our broader strategy is to be known as the modern digital AI-powered sales and marketing partner to this industry. Right? On the sales and marketing side, acquisitions will fit into that category. Got it. Thank you. Yeah. Thank you. Our next question comes from the line of Mayank from Enam Asset Management Company. Please go ahead. Yeah. Can you hear me? Yes, we can. Thank you for taking the question and congratulations on the acquisition. Could you comment on the overlap between Indegene and BioPharm on the client-side capabilities and offering side, please? On the client side, what will happen is that most of our business, there's very little overlap, because whatever businesses we have on this side is primarily on the enterprise side to the centralized part sitting in ECS. BioPharm has been working directly with brands. To that extent, it's complementary. You want to add on, Nitin, perhaps? Mayank, at a logo level, there is a significant overlap given that 17 of the top 25 pharma are BioPharm's customers. Indegene works with all the top 20, maybe 22, 23 of the top 25. To that extent, there's a significant overlap. But the buying groups within these customers are where the differences are. As Manish mentioned, the customers of BioPharm would be the brand owners in the U.S. which have their own budgets. Most of Indegene's customers would be on the enterprise side. As you would already know, Indegene's revenue is almost 85% is on the enterprise side and only 12, 13% is on the brand side. Therefore, it is complementary as far as the budgets within the same customer logos are concerned. But at a logo level, there's significant overlap. Right. Thank you for taking my question. That's all. Thank you. Before we take the next question, a reminder to all the participants. If you wish to register for a question, you may press Star and then One. Our next question comes from the line of Santhosh from Viantz Ventures Private Limited. Please go ahead. Hello. Good evening, sir. Thank you so much for the opportunity and congratulations on the acquisition. My question is regarding in the presentation, it was mentioned the strength of BioPharm is omnichannel marketing and we also have an omnichannel sales segment here. I just want to understand the reason behind this acquisition for acquiring BioPharm is to make the channel even better because we also have this channel as part of our business. Is it to create synergies in the specific channel or they have some specific technology which can be passed on to our other enterprise solutions? Is my first question. Okay. Taking a step back. If you see pharma's marketing budgets, they're split between I'm going to focus on digital spends again. Are split between things that are done through a centralized way and the budgets which sit with the brands. As we had mentioned earlier, many times in the past that today most of Indegene's revenue, especially on enterprise commercial solution side, come through budgets that are on the centralized side of business. The larger budgets, though, still sit with the brands. Over time, we believe more and more budgets will shift towards the centralized route. But it's a slow process, right? Given that how sales and marketing works in pharma, large budgets today sit with the brands. On one hand, BioPharm has very significant capabilities with the brand teams on omnichannel activation, right? The way CultHealth had with brands, right, and enabled us to create this offering. So that's one part. We become super credible with brands who have very strong voice, even sometimes in centralized decisions. Second thing is that they have some proprietary technology data sets, which enhance our IP in this area very significantly. Third, but very importantly, it's a very solid team, which has been doing this for a very long period of time. Very difficult to hire this type of a team in the United States. Okay. My second question is regarding, or in the previous phone call we have discussed, it is mentioned our omnichannel part has faced some issues because of customer regulatory hurdles, FDA, or some contacts has been deferred and all. How does BioPharm coming in here will affect that part of it? Do they also face this kind of issues or because of their, as you mentioned, they have greater technology, wonderful team, or can you reduce this risk further? How does this play out in the market? Because, we have been facing this issue in this segment like previous quarter it is discussed. Yeah. Yeah. Kash, the brand budgets and therefore cross-selling as an opportunity would be there across customers that we have on the brand side, whether for Indegene's business or through the acquired business of CultHealth in the past and now BioPharm, right? The customers there would be common, right? For example, BioPharm would be contracting on the campaign execution, omnichannel engagement side of things versus our existing engagements which are on brand activation would be more focused on the brand strategy and content creation side of things, creatives side of things. There would be a cross-selling opportunity both ways because the budget owner for both these are typically the same teams. Now, having said that, brand budgets are a little bit more variable by nature compared to the enterprise engagements, right? Given that the enterprise engagements cut across the entire portfolio of products with a customer. However, as we grow in the brand side, we would end up having multiple brands and therefore, even if the contracting is not at a portfolio level, we believe that as we grow larger, we would also start replicating the portfolios at customers because you would end up working across brands, across customers. The impact of this variability should reduce over period as the revenues in that segment start growing. However, there will be slightly more variability than the enterprise side of our business on the brand side, given the nature of the engagements there, which would be exposed to risk in terms of FDA approval or other competitive environment. But end of the day, making those large portfolios by working across a larger set of customers is the way to deal with that. Okay. Understood. Thank you so much. Thank you. Our next question comes from the line of Ruchi Mukhija from ICICI Securities. Please go ahead. Hi. Congratulations on the acquisition. Just clarification, the press release mentions that the consolidation or the completion of the process is expected by 1st of October, very close to the date of announcement. Curious, have we secured all the required approvals and processes in this time? Thanks, Ruchi. Yes, 1st October was the closing, and all the closing formalities have been completed and the transaction is fully closed. Okay. Secondly, all the 90 employees which we are inducting with this acquisition are U.S.-based, yet the entity has a better margin than Indegene. Could you help us, what drives this superior margin? Sure. As Manish already mentioned at the start of the call, what we are providing is targeted marketing solutions which are not based on input services. These are not T&M contracts. These are basically physician engagement solutions in a very targeted manner, which combines data technology and expertise in multiple therapeutic areas to be more effective on the marketing side. Those solutions, done in an efficient manner, have resulted in a better margin profile. We believe that is sustainable. Secondly, I would like to also emphasize that these are engagements not driven by cost control or efficiency being the top priority. These are basically revenue augmentation solutions which help drive through HCP engagement, prescription uplift, and revenue uptake. That is the reason why we believe that these are better margin profile solutions. Just to be slightly charitable to ourselves as Indegene, we also make investments for the next many, many years in sales and marketing, and the company is designed for growth. Our investments in sales and marketing, tech, IT, HR, compliance, across the board, are much higher. Okay. You did mention that under the previous owner, the sales investments were slightly lower than what would have been desired. Do we expect now the sales investment to increase, or you expect the existing Indegene investments, given the significant overlap of a client, the existing Indegene sales investment would be more than sufficient to derive the growth synergies? We will be doing both. We will be obviously leveraging Indegene sales and marketing engine, but we believe there are a couple of roles which we want to add on over the next few quarters to unlock value over there, which is what I think Suhas alluded to in his conversations, that we will be making more investments in this business. We believe over the next 4-6 quarters, these investments which we make will be offset by two things. One is the synergies we get on the cost side, and the second thing is the overall growth. The margins will stabilize at the levels they are in. But there will be a big dip in this period of 4-6 quarters. Okay. Thank you, and all the best. Thank you. Thank you. Our next follow-up question comes from the line of Chirag Kachhadiya from Motilal Oswal Financial Services Limited. Please go ahead. Yeah. Thanks for the opportunity again. I just want to follow up. From cross-sell point of view, the clients which are common in both these entities, are we going to increase the service umbrella in those accounts? If you provide some more indicative quantitative comment on that. There are a few clients where. Let me give you an example of a place where we are very strong on the enterprise side, and this company is doing some work on the brand side. There are, by the way, a few customers like that. We already have had outreach from those clients saying, "This is very interesting. We want to understand what it means." The pitch we are taking to them is that we have this mature product portfolio. Think about a digital outreach model for physicians across the board for your portfolio. BioPharm alone was not credible to do that. Indegene obviously had the scaling thing, but the brand relationships were not that strong. With that coming together, the overall story becomes so much more credible. That is one type of a pitch. The other side of pitch is that we are present at the centralized level, but BioPharm is not present in those places at all. We are going to take BioPharm to those customers and pitch at a brand level. Some of the places we have identified is that we have a bit of in with the brands. Not we are strongly penetrated, but we have some relationships. We believe we can take them over there. I am talking about the first level of prioritization we are doing from an account perspective. BioPharm has a bunch of accounts where they have relationships, and they are going to these customers and saying, "Listen, we have a much more scaled partner and platform on which we can do much larger programs." That list is, of course, pretty large. Or pretty much, I would say most of their top 10, 15 clients. Okay. Fair enough. Thanks. Thank you. Ladies and gentlemen, in the interest of time, that was the last question. I now hand the conference over to the management for closing comments. Thank you, everybody, for your time today, and thanks for your continued support and interest at Indegene. We will conclude the call today. Thanks for your wishes, and we will see you again at the earnings call towards the end of the month. Thank you. Thank you. On behalf of Indegene Limited, that concludes the conference call. Thank you for joining us, and you may now disconnect your lines.