CBay Systems acquires Spheris for $116. 3 million
CBay Holdings, a provider of technology-enabled clinical documentation and related healthcare revenue cycle solutions has acquired Spheris, a global provider of clinical documentation technology and services. Under the terms of the agreement two of CBay Holdings’s subsidiaries, MedQuist and CBay will acquire Spheris’ North American assets and Spheris India respectively.
The total consideration for the acquisition is US$116,333,901, to be satisfied by US$98,833,901 in cash and US$17,500,000 via an unsecured subordinated promissory note issued by MedQuist Transcription, Ltd. The Company anticipates that the acquisition will close during April.
"We are very pleased to welcome Spheris India to the CBay family of companies and we are confident that this acquisition will be highly complementary to the existing CBay operations in India. This strategic buy would be a strong catalyst for CBay’s growth in the future. It will significantly allow us to enhance our back-end service delivery platforms to support the business expansion that the combined talents of CBay and Spheris will drive going forward. Spheris India brings us unique set of skills and resources that is complementary to CBay," said Raman Kumar, Vice Chairman & CEO of CBay Holdings.
"With CBay’s strong technology and quality processes, Global Delivery Model, and outsourcing capabilities, we will be able to deliver enhanced value to our clients. We are excited at the prospect of becoming part of a strong, global group," said Suresh Nair, CEO & MD, Spheris India.
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