![]() ![]() One Equity Partners, paid $14 a share in cash for MModal, or 8.3 per cent more than the stock’s July 2, closing price. The company's name was rebranded as it acquired MModal in Feburary 2012. By the time he sold his company to One Capital, MModal had revenue of around $475 million. Kumar, who started his professional career as the Assistant Commissioner of Income Tax having joined the Indian Revenue Services, went on to work with Essar Group, and in 1998 started CBay with a capital of $100,000. It had operations in Annapolis, Maryland and Bangalore. MModal, started its journey in 1998 as CBay Systems, providing medical transcription services to hospitals, healthcare networks and physician practices across the US through its India based work force. The acquisition saw the exit of founder V Raman Kumar and Private equity player SAC Private Equity Group, which together owned around 31 – 34 per cent. A month after that, in August, PE player Bain Capital announced the acquisition of 30 per cent of Genpact’s stock for $1 billion. ![]() ![]() The deal that was announced in July this year would be one of the large PE deal in the BPO space this year. However, the one deal that missed creating the buzz was the acquisition of MModal, earlier known as CBay Systems, by One Equity Partners, JPMorgan’s PE partner for $1.1 billion. The Indian business process outsourcing industry in the recent times have been in news due to renewed interest shown by private equity industry. ![]()
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