Global professional services company Accenture (ACN) announced that it has made a strategic investment in ixlayer, a provider of technology-based solutions for diagnostic testing, through Accenture Ventures. The financial terms of the deal have not been disclosed so far.
Following the news, shares of the company declined marginally to close at $330.91 on Tuesday.
With this investment, Accenture will gain access to ixlayer’s proprietary technology, which connects the health testing ecosystem of services, enabling the rapid launch of testing programs while driving engagement by making lab testing accessible from patients’ homes.
As a part of Accenture Ventures’ Project Spotlight, the investment will allow Accenture to gain a strong footing in the growing telehealth services space.
Accenture’s global lead of the Health industry group, Rich Birhanzel, said, “ixlayer enables healthcare organizations to launch platforms that more effectively discover, develop and engage patients to improve health outcomes.” (See Accenture stock chart on TipRanks)
Recently, J.P. Morgan analyst Tien Tsin Huang reiterated a Buy rating on the stock. The analyst, however, raised the price target to $364 from $308, which implies upside potential of 10% from current levels.
Consensus among analysts is a Strong Buy based on 16 Buys and 4 Holds. The average Accenture price target of $326.17 implies downside potential of 1.4% from current levels.
Accenture scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 38.9% over the past year.
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