Heartland Information Services, Spryance, Inc., Merge

Combined Companies Create Premier Outsourced Transcription Provider

TOLEDO, Ohio--(BUSINESS WIRE)--Heartland Information Services has merged with Spryance, Inc., forming one of the premier offshore transcription providers in the United States.

“Combining the two companies creates synergies that will add value for customers”

Spryance shareholders will fund the purchase of Heartland Information Services from HCR ManorCare. The new combined company will be marketed under the Heartland Information Services brand.

Headquartered in Boston, Spryance is a leading provider of outsourced medical transcription services with offices in India. Founded in early 2000, Spryance has pioneered new industry benchmarks for quality and turnaround time. Spryance provides transcription service to more than 175 hospitals and clinics across the country, utilizing 1,200 MTs in India.

Heartland Information Services specializes in high-quality, full-service transcription providing financial and service advantages that helps its clients reach or exceed goals. Heartland provides unparalleled efficiency, reliability and management capabilities while interfacing with virtually any health information system and software. Heartland’s corporate headquarters is located in Toledo, Ohio, with work centers in Bangalore and Delhi, India.

By combining companies, the new Heartland will have over 2,500 medical transcriptionists providing service to over 200 hospital and clinical customers.

Dennis Paulik, General Manager of Heartland, will become the President and CEO of the new combined company. Raj Malhotra, CEO of Spryance, will become Chairman of the Board of the combined companies. Joining Mr. Malhotra on the board will be Gene Barduson, Chairman and CEO, Alteer, Inc., Dennis Byerly, former CEO Third Millennium Healthcare Systems, Inc., Mahendra Patel, formerly with DEC, David Beecken, Partner, Beecken Petty O’Keefe & Company, and Thomas Schleisinger, Partner, Beecken Petty O’Keefe & Company.

“Combining the two companies creates synergies that will add value for customers,” says Dennis Paulik, President and CEO of the new Heartland Information Services. “For example, Heartland provides industry-leading quality and customer support and Spryance provides capacity and scalability.”

“The Spryance investors, led by Beecken Petty O’Keefe & Company and International Finance Corporation, provide the financial strength and resources for the new Heartland to grow rapidly,” adds Mr. Malhotra, Heartland Information Services Chairman of the Board.

Beecken Petty O’Keefe & Company (BPOC), one of Spryance’s major investors, is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry. BPOC manages about $500 million in equity commitments.

Another major investor, International Finance Corporation (IFC), is a member of the World Bank Group and is headquartered in Washington, D.C. IFC has an exclusive focus on building successful information technology businesses in the emerging markets.