By Pittsburgh Tribune-Review, Wednesday, January 25, 2012
A Tennessee medical technology company completed its $130 million acquisition of Squirrel Hill-based M*Modal Technologies Inc. MedQuist Holdings Inc., of Franklin, Tenn., said on Tuesday that it also changed its name to M*Modal and would maintain M*Modal’s Squirrel Hill office, which employs about 100.
MedQuist announced its deal to acquire M*Modal in July and said yesterday the two companies merged in August. M*Modal is developing advanced voice-recognition technology for electronic medical records used by hospitals and physicians. Before the acquisition, M*Modal had annual revenue of $24 million. For the first nine months of 2011, MedQuist reported revenue of $327.7 million and net income of $37.1 million.
