Medquist Inc. is a medical transcription service organization (MTSO) engaged in the technology-enabled clinical documentation workflow. The Company services health systems, hospitals and large group medical practices throughout the United States. In the clinical documentation workflow, the Company provide, in addition to medical transcription technology and services, digital dictation, speech recognition and electronic signature technologies. The Company performs a substantial majority of the medical transcription services utilizing the DocQment Enterprise Platform (DEP), the Company’s Web-based dictation and medical transcription management system. On August 6, 2008, CBaySystems Holdings Limited acquired a 69.5% ownership interest in Medquist from Koninklijke Philips Electronics N.V. In February 2010, Spheris Inc. sought Chapter 11 bankruptcy protection after striking a deal to sell itself to MedQuist Inc.