Max buys Healthscribe stake

Max buys Healthscribe stake
ENS ECONOMIC BUREAU

MUMBAI, JULY 10: Max India Limited has acquired a 71.4 per cent stake in Healthscribe India Pvt, a subsidiary of Healthscribe Inc of the US for $8.5 million (Rs 37.04 crore).

Max India's managing director, Vivek Jaitely said, "we have been exploring growth opportunities in the IT-enabled services sector where India has a distinct advantage in terms of trained and competitive manpower."

As part of the agreement, HealthScribe Inc. has guaranteed business to the Indian JV till the year 2004. Currently HealthScribe India has 500 medical transcriptionists and the new JV plans to employ and train 5000 medical transcriptionists by the year 2004. The JV will also have unrestricted use of HealthScribe Inc's proprietary software technology for medical transcription as well as new or upgraded versions of the software. However, HealthScribe will continue will continue to be responsible for the marketing of the JV's services and customer related activities in the US.

HealthScribe is one of the leading medical transcription and electronic data management companies in the US with a turnover of close to $22 million.