PeopleSupport Buys Transcription and Captioning Firm

Los Angeles-based business process outsourcing firm PeopleSupport has acquired Newport Beach-based Rapidtext, a provider of transcription and captioning services. PeopleSupport said this morning that it is acquiring the company to enter a new market and diversity its offers. Rapidtext and its subsidiary The Transcription Company provide voice-to-text services for insurance, law enforcement, entertainment, education, and medical markets. PeopleSupport said that it intends to offer additional services through its operations in the Philippines. Financial terms were not disclosed. Rapidtext had revenues of $9.5M for the 12 months ending September 30, 2005. PeopleSupport provides offshore outsourcing of customer service and other phone operaitons to US firms.