• More reports on:
  • M&A

CBaySystems acquires Spheris for $116.3 million

19 Apr 2010

1

CBay Holdings, a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services today said that it has received a US Court approval to buy all the assets of bankrupt rival Spheris Inc for $116.3 million.

Under the terms of the acquisition, New Jersey-based MedQuist, a portfolio company of CBaySystems Holdings will acquire Spheris' North American assets and CBay Inc will acquire Spheris India Private Limited.

MedQuist will pay $98.8 million in cash and $17.5 million through unsecured subordinated promissory note.

MedQuist and CBay Inc are portfolio companies of CBaySystems Holdings Ltd.

Spheris, based in Franklin, Tennessee is the second-largest medical transcription company in the US including mobile voice capture devices and speech recognition Web-based workflow platforms having its operations in North America and India.

Spheris, which had filed for bankruptcy in February, had consolidated revenues of $182.8 million and a net loss of $19.2 million for the year ended 31 December 2008. Gross assets were $275 million as at 31 December 2008, of which $219 million is goodwill.

Spheris, which employs 1,900 medical language specialists in India, had not included its Indian operations while filing for bankruptcy.
New Jersey-based MedQuist Inc. provides medical transcription technology and services in the US. It also offers digital dictation, speech recognition, document distribution, management reporting, and physician's electronic signature technologies.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more