Cbay Systems Acquires stake in MedQuist

March 9, 2008

Cbay Systems, with the help of private equity investments of $123 million from Lehman Brothers and SAC Private Capital Group will acquire majority stake in MedQuist which is a leading medical transcription firm. As per reports, Cbay Systems will acquire 75% stake in MedQuist from Koninklijke Philips Electronics. It is important to note that MedQuist is much larger in size when compared to Cbay Systems. Cbay Systems reported a revenue of $57 million in 2007 as opposed $340 million reported by MedQuist.

With the $123 million private equity funding, Lehman Brothers and SAC Private Capital Group will obtain a 58% stake in Cbay Systems. Cbay Systems is a publicly traded company which is listed on the AIM market.

Posted in Mergers & Acquisitions