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IFC invests in Internet-based India-based Remote Services Co

The International Finance Corporation is making an equity investment of $2 million to establish a remote services Internet marketplace in Madras through a company based in India and the United States - Spryance com. Inc.

Spryance is a business-to-business (B2B) enterprise that allows companies in industrialised countries to outsource transaction services to companies in emerging markets.

IFC's investment will help Spryance launch its technology platform and build its operational headquarters in Madras, where software development and outsourcing operations for personalised and skilled transactions will be based, an IFC release said.

Spryance, an early mover in the remote services industry, plans to initially target one particular industry segment and then scale out the business more broadly. Its first target is the medical transcription market in the United States.

Spryance will begin by offering medical transcription services through a web-enabled process that allows trained staff in India to transcribe into written documents the voice recordings that doctors and other medical staff dictate to report on non-acute medical situations.

The initiative could contribute to creating high-skilled jobs in India, directly with Spryance as well as by enhancing India's position as a leading provider of hi-tech-based services, World Bank group's director of the global information and communication technology, Mohsen Khalil said.

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