Godrej takes 7% stake in CBay Systems, Ltd.
ANNAPOLIS, MARYLAND, USA, May 8, 2001.

CBay Systems, Ltd. (“CBay”) Chairman, V. Raman Kumar, announced today that Godrej International Limited, a fully owned subsidiary of Godrej Industries Limited (India), (“Godrej”) has finalized its 7% acquisition of CBay, the leader in supplying Indian medical transcription to the U.S. healthcare industry.

“We are extremely pleased to announce that, in addition to the investment, Mr. Nadir Godrej will join CBay’s visionary management team as a Director,” Mr. Kumar said, referring to the Managing Director of Godrej Industries Limited and Chairman of Godrej International Limited. Both companies are part of the $700 million Godrej Group.

“Godrej’s strong human resource pool, together with its emphasis on Total Quality Management and Kaizen style initiatives across all levels of its organization will be right in keeping with CBay’s commitment to making Indian medical transcription, the service of choice in the U.S. healthcare industry. Godrej has also allied with CBay to create a medical transcription production center in Mumbai,” Mr. Kumar said.

“The Godrej Group is one of the oldest business corporations in India, with over a century of rich history to its credit. We are proud to have CBay’s name and business model be allied with such a prestigious organization,” Kumar said. “Godrej’s consistent ability to fuse the best of the past with the best plans for the future is legend in India, and CBay is delighted to become part of that continuing commitment.”

Godrej is one of India’s leading multi-national corporations. “Godrej selected CBay as its exclusive partner for its diversification into information technology, based on its proven model for penetrating the U.S. healthcare market,” Kumar went on to say.

“Godrej’s investment follows on to similar investments in CBay by other prestigious groups including TDA Capital Partners, Ltd., Elite Global Operations, a part of the Americorp Group, and Sunil Wadhwani and Ashok Trivedi, the founders of IGATE Capital Corporation (NASDAQ: IGTE),” Kumar added.

“We are extremely proud to note that, despite the entry of many fly-by-night Indian operations, CBay has established its quality as the gold standard in medical transcription in the United States,” said Skip Conover, President of CBay, who is known widely in India as the “Father of the Indian Medical Transcription Industry.” “After two years of concerted efforts with our Indian colleagues, we have developed a recipe for success for medical transcription and the entire Indian services industry. We now consistently get better work from our Indian production centers than we can get from Americans available for work within the U.S. We are now recognized as a mainstream national transcription company in the U.S.

“CBay is the largest provider of transcription and information services to the Indo-US Healthcare services corridor,” Conover continued. “Through our India-wide network of franchised production centers, proprietary training and certification programs, sophisticated Internet based technology platform and ability to interface with hospital health information management systems. CBay customizes solutions to hospitals by converting free form dictations into electronic medical reports, thereby shortening hospital billing cycles, which in turn reduce overhead and other administrative costs.

“CBay Systems, Limited has proven itself as a technological leader, having successfully introduced CBayScribe, CBayRecorder and ReportPro as part of its effort to seamlessly integrate Internet technologies, handheld devices such as digital voice recorders and personal digital appliances with its skilled India-based work force. CBay delivers transcription and other information services to U.S. healthcare professionals at their point of practice, proving that seamless and secure global integration of services is a fact of life in the Twenty-First Century.”