Investor in medical transcription, healthcare technology and financial services CBaySystems Holdings Ltd has announced the completion of the acquisition of 69.5 per cent of ownership interest in MedQuist, the world's largest medical transcription services company, from Koninklijke Philips Electronics N.V. for $287 million.
The transaction was completed following the subscription to approximately 89 million new ordinary shares in CBaySystems by S.A.C. PEI CB Investment, L.P. MedQuist will now join CBaySystems Holdings' portfolio of operating companies, which includes CBay Systems & Services Inc., CBay Systems (India) Private Ltd., and Mirrus Systems.
"The acquisition will not only bolster our current capabilities in priority growth areas, but will also allow CBaySystems to deliver a stronger value proposition to better align with our clients' changing needs," said Raman Kumar, CBay's vice chairman and chief executive officer. "The acquisition also gives us access to a global talent pool and marquee clients. This acquisition is also about leveraging MedQuist's technical capabilities."
CBaySystems Holdings Ltd. is the holding company for a portfolio of businesses, including CBay Systems & Services Inc, CBay Systems (India) Private Ltd, and Mirrus Systems, that provide medical transcription, healthcare technology, and healthcare financial services to the US healthcare industry.
CBaySystems Holdings' subsidiary company, Mumbai-based CBaySystems (India) Pvt. Ltd, is India's largest provider of medical transcription services, employing more than 5,500 people in its captive and franchisee centers spread across 37 centers in India and one each in Bhutan and Oman.