Financial Daily from THE HINDU group of publications
Thursday, May 05, 2005

News
Features
Stocks
Port Info
Archives

Group Sites

Info-Tech - Human Resources


Spryance to double workforce

Our Bureau


Mr Raj Malhotra

Chennai , May 4

SPRYANCE Inc, the US-based provider of business process outsourcing (BPO) for the health information management sector, will ramp up its workforce in India to 2,200 from the present 1,200 by the year-end.

The workforce includes a majority of home-based transcriptionists and editors, according to Mr Raj Malhotra, President and CEO, Spryance. The company plans to invest $6 million to take its total investment in the country to $14 million, he told newspersons.

The fresh investments are to be funded by Beecken Petty O'Keefe and Company, a US-based venture capital firm. In the first and second round of funding, the company got $8 million and the International Finance Corporation (World Bank's private investment arm) participated in the funding, he said.Spryance sees good potential for providing medical transcription services to the retail market in the US. It plans to expand its quality assurance (QA) hubs in Chennai and Pune, and build a third QA facility to serve both as back up facility and to accommodate increased demand.

The company adopts the home-based franchisee model in India involving women working from home to service the US medical transcription market. Delivering over 5 million lines of transcription a month, Spryance's growth rate exceeded 25 per cent per quarter in the preceding 12 quarters successively. Spryance being a private-held company, Mr Malhotra did not provide the company's financial details.

According to Mr Rajiv Shetye, Vice President (Operations), Spryance India, the healthcare BPO is a $200-billion business worldwide and medical transcription alone contributes about $12 billion. India accounts for $110 million of the business, and there is potential to reach $5-6 billion of this marketat 15 per cent annually.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Sutherland to open centre in Manila


Tata Tele launches mobile services in Kerala
BSNL plans to double mobile capacity
Kerala Govt to pick up 9 per cent equity in Smart City project
mLogica's software development centre coming up in Pune
Reliance WebWorlds to be virtual classrooms for XIMB course in Bhubaneshwar
Spryance to double workforce
TRAI to propose zero entry fee, introduce rollout obligation for 3G services
Wipro Tech bags outsourcing deal from SmartTrust
VSNL ties up with Cable & Wireless
Targets high-speed global connectivity needs of IT cos

NeST turnover rises 60 pc


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line