Medical transcription services and software vendor MedQuist Holdings Inc. has announced it will acquire M*Modal for $130 million in cash and stock. MedQuist also has named industry veteran Vern Davenport as chairman and CEO.

M*Modal sells speech recognition and natural language processing software, which enables structured data to be pulled from dictation and placed in an electronic health record. The structured data enhances the information in a patient record and also is available for analysis. The deal follows a major strategic move from MedQuist in 2010 as it acquired bankrupt rival Spheris Inc.

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