CBAY ACQUIRES EMERGENCY DICTATION SERVICES, INC.
Mr. V. Raman Kumar, Chairman of CBay Systems, Ltd. (“CBay”) of Annapolis, Maryland, announced that CBay has acquired all of the assets of Emergency Dictation Services, Inc. (“EDS”) of Detroit, in an all cash deal. Included with the transaction were the assets of EDS’s subsidiary, Dictation International, LLC. Simultaneously with this acquisition, CBay’s 100% owned subsidiary, CKAR Systems Pvt. Ltd. of Hyderabad, India, acquired 100% of the shares of EDS Pvt. Ltd., also of Hyderabad, which had been EDS’s supplier in the India.
“This is CBay’s second acquisition in the Detroit area in 15 months, and its third acquisition overall,” said Skip Conover, President and Co-Founder. “We are quite pleased with our progress, which has allowed us to grow at 75% increased Revenue year-in and year-out for the past 5 years,” he continued.
Mr. Kumar stated that this moves CBay well along on its acquisition plan for 2004, adding $3 million in annualized revenue. “We are very pleased with this latest acquisition, because it allows us to add EDS’s CEO and industry veteran, Dr. Keri Topouzian to CBay’s rapidly growing national sales team,” Mr. Kumar added.
Based on current run rate, Mr. Kumar expects that CBay will complete 2004 with greater than $30 million in sales, allowing it to continue to maintain its status as the fastest growing nationally recognized medical transcription company in the United States.
CBay Systems, Ltd. is one of the top medical transcription and healthcare business services companies in the United States, with over 50 hospital and healthcare network clients, and 1200 physician practices. It maintains its Headquarters in Annapolis, Maryland, and offices in Detroit, Michigan and Charlotte, North Carolina.
In India, it employs over 800 people and outsources to over 30 medical transcription companies employing over 2500 transcriptionists.
CKAR Systems Pvt. Ltd. is a 100% owned subsidiary of CBay Systems, USA. It is located in Hyderabad and has over 450 employees.
