The Hindu Business Line : CBay to raise $20 million

CBay Systems, a healthcare BPO company, plans to raise about $20 million in debt from Indian financial institutions to fund its proposed acquisitions of two US-based firms.

Mr Raman Kumar, Chairman and CEO, said the company was in advanced stages of negotiations for the buy-out of two US firms operating in the patient financial services and expects to conclude the deals over the next one month. The buy-out of these two firms would add 70 clients to CBay's customer base of over 600, Mr Kumar said declining to give further details. Mr Kumar also hinted that the company may go in for a $50-100 million acquisition by the year-end. Investors in CBay include GMO Capital, Godrej Industries, Kingdon Capital, Strategic Venture Funds, TDA Capital and Sansar Capital.

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