CBaySystems completes acquisition of majority stake in MedQuist

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Mumbai, Aug 7 (ANI/Business Wire India): CBaySystems Holdings Ltd. today announced that it has successfully completed the acquisition of 69.5 per cent of ownership interest in MedQuist from Koninklijke Philips Electronics N.V. ("Philips") for a total consideration of USD 287 million.

CBaySystems Holdings Ltd. is a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services.

MedQuist is the world's largest medical transcription services company.

The shareholders passed the resolution to approve the acquisition at an Extraordinary General Meeting, which took place on August 5.

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 and 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," Raman added.

ANI

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