PLDT unit buys CyMed for $35M

ePLDT Inc., a unit of Philippine Long Distance Telephone Co. (PLDT), has bought 100 percent of medical transcription firm CyMed Inc. for $35 million to boost its business process outsourcing business. ePLDT, the information and communications technology arm of the PLDT group, said it acquired CyMed through SPI Technologies Inc., the business process outsourcing (BPO) company it bought last July for $135.34 million. "The acquisition immediately positions SPi as the third largest company in the outsourced medical transcription industry and CyMed's significant US presence will further strengthen our ability to deliver high quality, high volume transcription services around the clock, around the globe," SPI president and CEO Ernest L. Cu said. CyMed currently provides medical transcription services for more than 400 healthcare systems in all US states except Alaska. "The addition of CyMed into SPi will strengthen our participation in the growing medical transcription industry, which analysts forecast to grow 16 percent per year, from $2.6 billion in 2005 to $4.2 billion in 2008," ePLDT president and CEO Ray Espinosa said. - GMANews.TV