"Zavata's business momentum is extremely exciting for the Company and our existing employees, in a large part because it's a testament to the high quality of delivery of our BPO services to our existing customers," stated Satish Sanan, Executive Chairman and CEO of Zavata. "We are very pleased that several of our current Healthcare Payor customers have recognized our delivery expertise through awarding us an expansion of our scope of services. We are also thrilled to welcome our new customers to Zavata, and are confident that they will experience the same degree of satisfaction with the quality our services. This overall increase in Healthcare Payor business is the primary driver for our growth in the Hyderbad facility throughout 2006." The company has recently expanded its Hyderbad facility to meet these new business requirements and extensive recruitment is underway.
Zavata's new customer contracts include a long-term agreement with one of the leading U.S. Managed Care Organizations to provide end-to-end, comprehensive BPO services. Additionally, Zavata has added two national Preferred Provider Organization's ("PPO's") as customers, providing provider database management services and has expanded the scope of our existing services with a leading PPO to include In- and Out-of-Network re-pricing.
Zavata provides Business Process Outsourcing (BPO) services and Enterprise Support solutions for the healthcare, insurance, and commercial enterprises industries. Zavata helps its customers improve their business performance and profitability by delivering guaranteed business process outsourcing services ranging from claims processing to technical help desk. By optimizing these knowledge intensive services, Zavata enables customers to focus on their core business. Headquartered in Atlanta, Georgia, Zavata was founded in 1995 and employs approximately 1,000 professionals internationally. Zavata's Technical Help Desk Outsourcing services have been recognized in Gartner Group's Magic Quadrant of Help Desk Outsourcers for the third consecutive year. For more information, visit www.zavata.com.
In 2003, noted technology entrepreneur Satish Sanan, Mellon Ventures and BV-Cornerstone Ventures, LP (BV-CV) made a strategic investment in Zavata, Inc, formerly known as STI Knowledge, Inc. A year later, Zavata acquired HPS Paradigm, Inc., to augment its healthcare administrative services. In mid-2004, additional funding was secured from WestBridge Capital Partners to strengthen the company's growth strategy. Zavata acquired Symphony Data based in Hyderabad, India, in February, 2005 to provide a blended-shore delivery model for customers and to further strengthen the company's BPO services to the healthcare marketplace, specifically to PPOs, HMOs, TPAs, and MGUs. In August of 2005, the Company acquired the Revenue Cycle Managed Services division of Siemens Medical Health Services, to establish its leading Healthcare Provider BPO practice. To date, the Company has raised approximately $80 million in equity financing from its world-class Investors to fund its acquisition strategy.