Medical outfit CBay plans more acquisitions to push its growth, reported the Economic Times.

CBay had acquired a 69.5% stake in Medquest for $285 million in May 2008. And the company is now eyeing companies in the US for its acquisition plans worth $25 million this year. CBay is not ruling out the possibility of spending up to $200 million for good business strategies.

SAC private capital group and Lehman Brothers had provided $123 million to fund the Medquest acquisition. The company is hopeful that it can raise money for another deal. CBay has plans to invest $25 million in India for three years to expand its offshore centres. The company also plans to increase its manpower to 10,000 this year and open new centres in cities such as Nasik, Hubli, Madurai and Indore. CBay hopes to reduce its attrition rates by expanding its offshore centres.

CBay systems recorded a revenue of $57 million in December 2007 and the acquisition is expected to raise this to $400 million by the end of the year. Its medical transcription services will account for $300 million. X