SPi, Subsidiary of ePLDT, Completes Acquisition of CyMed, Inc.
CyMed Becomes a Wholly-Owned Subsidiary of SPi
New York, August 17, 2006 - SPi, a leading global business process outsourcing (BPO) company, today announced that it has completed its acquisition of CyMed, Inc., the thirdlargest company in the U.S. medical transcription industry. CyMed was acquired for an aggregate purchase price of $35 million inclusive of certain debt obligations.
"We are very pleased to announce the conclusion of the CyMed acquisition" said Ernest Cu, President and CEO of SPi. "SPi and CyMed make a great combination because of the limited overlap in our businesses. CyMed has a much deeper presence in the US and SPi is better entrenched in the Philippines and India. This merger creates a unique company with a well balanced and deep pool of talented staff in the three countries in which we operate. Our customers will benefit from this because it strengthens our ability to deliver high quality, high volume transcription services around the clock, around the world", Cu added.
Ray Espinosa, President of ePLDT, stated, "The ability to offer the "Best Shore" solution has worked very well for SPi in the past and we believe it will continue to be a key market differentiator and driver of growth in the future. We believe that having a strong US capability is important to our customers and central to maintaining a leading-edge and robust global business model. While some aspects of operations may change to take advantage of our global reach, we are committed to the US market and strengthening our leadership positioning there."
Dave Woodrow, President and COO of SPi's healthcare group, also mentioned that, "Because of the options we provide for resource optimization and risk management, we expect that there will be increased demand for our services across all of our Centers of Excellence. We have had a tremendously positive reception about the merger from our customers so far."
About CyMed, Inc.
CyMed provides medical transcription (MT) services for more than 400 healthcare systems across 49 states (all but Alaska) and has been recognized by numerous industry and community associations for superior business operations and profitable growth. CyMed employs 650 staff in the US and has offices in Virginia, Tennessee and Ohio.
About SPi
SPi, 100% owned by ePLDT, is a leading full-service BPO provider with offices and facilities across North America, Europe, and Asia. Together with ePLDT's Ventus Group, the company has 11,000 employees delivering on a wide range of call center and knowledge-based outsourcing solutions to diversified markets, including financial services, healthcare, legal and publishing. SPi consistently improves operating efficiency, lowers costs and helps to strengthen the competitive position of more than 150 customers.
ePLDT, Inc., is a wholly-owned subsidiary of the Philippine Long Distance Telephone Company (PLDT), the leading telecommunications provider in the Philippines. PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depository Shares are listed on the New York Stock Exchange (NYSE:PHI).
Contact: May Dizon
Corporate Communications Manager
[email protected]