Press Release
CBay acquires Certus's business.
Mumbai, April 10 2006 – The Healthcare BPO major, CBay Systems, has announced that it has acquired the Accounts Receivable & Reimbursement Management division of Certus Corporation; a US based patient financial services company for an undisclosed sum. This division of Certus delivers client specific solutions for hospitals and physician groups based in the US. CBay has executed this acquisition through its group company Mirrus Systems, Inc (A CBay Group Company). This acquisition of Certus’s well regarded technology platform, customer base, domain expertise and talented employee base will now allow CBay to expand its entry into Patient Financial Services in a major way. Furthermore, it brings in a complete and robust service offering and augments value to its already existing health care services customers.
Mirrus systems acquired substantially all of the division’s technology platform and business assets in an all cash deal. With this acquisition, CBay has forecasted a $13 million surge in revenues to the top line growth for the year 2006. Two of India’s leading financial institutions namely, EXIM Bank and I&LFS have funded CBay in this transaction.
Commenting on the acquisition, Mr. Raman Kumar, Chairman & CEO, CBay Systems said “This acquisition is part of CBay’s overall business strategy to strengthen our footprint in the US and expand our technology based service solutions to the healthcare receivables market”. He further adds, “The deal is a perfect strategic fit for CBay as it provides a well-established software platform to our healthcare customer base. This is a high growth area and with Certus’ world class platform, we will be able to become a fully integrated healthcare service provider. It also catapults CBay into the top ten healthcare receivables management companies in the US”.
About CBay Systems
Established in 1999, CBay has grown to provide customized technology and services solutions to over 650 healthcare provider clients in the US. Already the third largest company in medical transcription technology and services in North America, CBay has now diversified its technology based service offering to healthcare receivables management. Its growing market presence has been reinforced by the various recognitions that have been bestowed upon it recently – ranked as one of the fastest growing technology companies in North America by Deloitte’s ‘Technology Fast 50’ and ‘Technology Fast 500’ program for 2004 and 2005; named to the coveted Inc.500 list by Inc. magazine; named ‘Tech company of the year’ for 2005 by the Anne Arundel Tech Council; named one of the fastest growing companies in Greater Washington by Washington SmartCEO magazine et al. CBay is by far the largest healthcare BPO company in India.
For additional information contact:
Deepak Nair
Tel: +91-22-6641-7548
deepak.nair@cbayindia.com
www.cbaysystems.com.