CBay to acquire two US Companies for US $ 20 Million
Bangalore, Mar 23 (UNI) Extending its arm to Patients Financial Services along with medical transcription, the US Dollar 40 million CBay Systems will be acquiring two US-based companies for a consideration of US 20 million Dollars within the next few days, besides expanding its operations across the country.
CBay Chairman and CEO Raman Kumar, talking to newspersons here, said the two US companies, specialising in Patient Financial Services, would add 60 clients to the already existing clientele of over 600 in the US for the company.
Aiming at becoming a 100 million Dollar company within the next couple of years, CBay was all set to ramp up its operations significantly in Hyderabad, where it had been allocated land by the Andhra Pradesh Government, he added.
''Unfortunately infrastrucutre inadequacy is impairing the company to expand rapidly in Bangalore to have a facility for 2,500 people,'' he said, adding that the Company was in the process of taking over a Ahmedabad-based partner, besides building its own 150-seater facility in Chennai which would be enhanced to 400 within 18 months.
In Bangalore, where the company had its operational headquarters, CBay had two facilities and its third facility with a capacity of 500 seats would be inaugurated on March 27. In Hyderabad, currently the company had 600 people on rolls and it would be expanded to 2,500 in two years, Mr Kumar said.
He said by 2008, the company would have a staff strength of 10,000 with nearly 50 per cent of them contributed by its partner companies spread across the country. Currently, CBay had 2200 employees in the state and another 2,500 had been employed by its partners and franchisees in 35 centres in ten states.
Established in 1999, CBay had grown to provide customised technology and services solutions to over 650 healthcare provider clients, both hospitals and physicians, in the US. It was also extending its arm to the UK and had a couple of clients in Saudi Arabia. The company had diversified its technology-based service offering to healthcare receivables management.
With the shrinking strength of medical transcriptionists (MT) in the US, India was looked as a major centre by the US healthcare utilities and there were only 25,000 MTs in the country, he said.
UNI VK RG RKN1717