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Thursday, Apr 04, 2002

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CBay closes $4-m funding

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MUMBAI: CBay Systems Ltd, a healthcare business process outsourcing company, has announced that it has closed a $4-million third round of funding of venture capital financing by Kingdom Capital, TDA capital Partners and Godrej Industries Ltd.

According to a company release, Kingdom Capital led the round with a $ 2.5 million investment. Preceding Kingdom was a $ 1.5 million investment by TDA Capital Partners through the India Technology Fund, and Godrej Industries Ltd. With this deal, CBay Systems has raised over $11.5 million in equity financing. The company has an aggressive growth plan, which includes signing a definitive agreement to take a sizeable equity stake in the Internet-based dictation, transcription and document management solution provider. The company is also expected to break even this year.

``CBay has built great momentum in the last six months. Now our mission is to grow both organically and through acquisitions. CBay will utilise the funds to expand its business activities, acquire new technologies and fund business acquisitions,'' said Mr Donald L. Conover, President CBay.

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