Mrecord was acquired by Canadian company Accentus, which plans to bolster its own software offerings with Mrecord’s speech recognition and transcription technology .
Raleigh, North Carolina-based Mrecord’s medical records technology includes software that can transcribe speech into text. Accentus said that Mrecord’s technology will enhance the Ottawa-based company’s ambulatory care service offering. Financial terms of the deal between the two privately held companies were not disclosed.
Accentus is backed by Toronto-based BMO Capital Markets, the investment banking and capital markets arm of the BMO Financial Group, and New York-based private equity firm High Road Capital Partners, which acquired a stake in Accentus in 2009. Accentus is a major provider of outsourced medical transcription services in Canada, but it has been expanding its footprint as of late.
The Mrecord acquisition is the third in recent months for Accentus. In December, the company completed acquisitions of medical transcription companies Zylomed Transcription and Transolutions. The deals broadened Accentus’ technology offerings as well as its customer base in the United States; Zylomed serves hospitals, clinics and physicians’ offices in more than 35 states.
Mrecord was founded in 2001. Besides its Raleigh headquarters, the company also maintains a development center in Mumbai. The company says it has customers in 11 states providing Mrecord technology to more than 2,000 users. Mrecord founder and CEO Tushar Parekh will stay on at the company as a strategic adviser and oversee ambulatory care operations in Asia, and will retain responsibility for Mrecord’s India operations.
