Transcend Services, Inc. and M*Modal Sign New Speech Understanding(TM) Technology Agreement
Published: Aug 12, 2011
ATLANTA--(BUSINESS WIRE)--TRANSCEND SERVICES, INC. (NASDAQ: TRCR), a leading provider of clinical documentation solutions to the U.S. healthcare market, today announced that it has entered into a new agreement with Multimodal Technologies, Inc. (“M*Modal”) under which M*Modal will continue to provide Speech Understanding technology to Transcend. The new agreement, which amends a 2006 agreement, has an initial term ending on December 31, 2012, followed by four one year renewal terms through December 31, 2016, unless Transcend (at its sole option) elects not to renew for any such one-year renewal term. After the fourth renewal term, the agreement automatically renews for successive one year terms unless terminated by either party with proper notice. Pricing remains unchanged based on current volume levels.