CBaySystems acquires 69.5 pc stake in MedQuist

BANGALORE, INDIA: CBaySystems Holdings Ltd., a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services, announced that it has successfully completed the acquisition of 69.5 percent of ownership interest in MedQuist, the world’s largest medical transcription services company, from Koninklijke Philips Electronics N.V. (“Philips”) for a total consideration of $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.

Raman Kumar, CBay’s Vice-Chairman and Chief Executive Officer, said: “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. The acquisition also gives us access to a global talent pool and marquee clients. This acquisition is also about leveraging MedQuist’s technical capabilities."