Transcription services and software vendor MedQuist Inc. and its CBay Inc. corporate parent will acquire rival vendor Spheris Inc., Franklin, Tenn.

The companies initially announced the acquisition in February, but the deal included Spheris voluntarily filing for bankruptcy protection. The filing resulted in a court-overseen auction that MedQuist and CBay won. Now, Mt. Laurel, N.J.-based MedQuist will acquire Spheris' assets in the United States and CBay will buy Spheris' India subsidiary. The price is $98,833,900 in cash and a $17.5 million promissory note from MedQuist.

The companies expect the acquisition to close during April. MedQuist and Spheris both offer technology platforms for their clients in addition to outsourced transcription services. The platforms include document management, workflow management, reporting, data analytics, computer-assisted coding and abstraction, and speech recognition applications.

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--Joseph Goedert


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