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Karvy enters IT business

Karvy Consultants Limited, a registrar and share transfer company, has entered the information technology services sector, riding on the demand for medical transcriptions in the US.

Karvy Consultants Chairman and Managing Director, Parthasarathy has said, "As a strategic move, we want to be a global service provider. We are in the process of upgrading our skills and are looking at opportunities to operate in newer environments particularly in the IT services sector."

T O D A Y

• Messing the target • MTNL buyback rate • Karvy enters IT • Gujarat sops

Parthasarathy said, "The company's strengths being in transaction processing, we have decided to foray into providing IT services abroad. In our effort to venture into offshore services abroad, we have entered an agreement with CBay Systems, a Delaware Corporation, to provide medical transcription facilities from Karvy's head office at Hyderabad.''

CBay Systems President Donald L Conover has said that the demand for medical transcription has been steadily increasing.

Having finalised the agreement with CBAy Systems in December last, Karvy has developed the necessary infrastructure to provide the medical transcription facilities.

The training of computer professionals for the sensitive medical transcription facilities is expected to be completed within four months.

Karvy would then be able to provide services to CBay Systems, Parthasarathy said.

Medical transcription involves converting a digitised audio recording into electronic form. The data to be digitised would be sent through STPI lines and after transcription would be sent back to the US.

The new facility, being readied with an investment of Rs 17.5 million, will initially have trained manpower of over 100 professionals.

Parthasarathy said the company visualises that IT based services would offer greater opportunities for software companies, compared to software development itself. "We have been in business, which is cyclic, and have the capabilities to adopt to new challenges and requirements.''

The American Association of Medical Transcription has estimated that the transcription business was worth about $12 billion last year and is growing by about 20 per cent a year.

Meanwhile, Credence Transcription Private Limited, a unit of Credence Technology Limited, has entered a strategic alliance with CBay Systems to provide support for medical transcription facilities in India.

Credence is a 100 per cent export-oriented unit registered with the Software Technology Park of India, Hyderabad.

Credence Director and CEO V Seshu Kumar has said the company is actively involved with the government sector and financial institutions that recently entered the publishing field.

- Compiled from the Indian media

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