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CBaySystems Holdings Ltd

("CBaySystems" or "the Company")

CBaySystems recognised in Deloitte's Technology Fast 50 List for Maryland

London - October 7, 2008 CBaySystems (AIM: CBAY), a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services, is pleased to announce that it has been included for the fifth year running in Deloitte's prestigious Technology Fast 50 Program for Maryland, which highlights the US state's fastest growing technology, media, telecoms and life science companies.

CBaySystems achieved a ranking of 23rd in Maryland's fastest growing companies, reflecting revenue growth of more than 239% over five years from 2003 to 2007.

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2003 and $5,000,000 in 2007, be headquartered in Maryland, and either own proprietary technology or intellectual property that contributes to a significant portion of the company's operating revenues, or devote a significant proportion of revenues to the research and development of technology. 

Companies from the 16 regional Technology Fast 50 Programs in the United States and Canada are automatically entered in Deloitte's Technology Fast 500 Program, which ranks North America's top 500 fastest growing technology, media, telecommunications and life sciences companies. For more information on Deloitte's Technology Fast 50 or Technology Fast 500 programs, please visit www.fast500.com.

Raman Kumar, Vice Chairman and CEO of CBaySystems, said:  "We are highly honoured to be included for the fifth consecutive year in Deloitte's Technology Fast 50 list for the state of Maryland. This award recognises our rapid revenue growth, which has been achieved both organically and through acquisition. The combination of our recent acquisition of a majority shareholding in MedQuist Inc. and our organic growth means that we are extremely well placed to continue our growth trajectory." 

For further information please visit www.cbaysystems.com  or contact:

Notes to Editors:

ABOUT CBAYSYSTEMS 

CBaySystems Holdings Limited is the holding company for a portfolio of businesses, including CBay Systems & Services Inc, CBay Systems (India) Private Limited, and Mirrus Systems, that provide medical transcription, healthcare technology, and healthcare financial services to the US healthcare industry. Our portfolio includes a 69.5% shareholding in MedQuist Inc.. CBaySystems Holdings Limited trades under the CBAY symbol on the AIM market of the London Stock Exchange.

The information contained herein is not for publication or distribution in the United States of America. These materials do not contain or constitute an offer of securities for sale in the United States. The ordinary shares of the Company have not been, and will not be, registered under the US Securities Act or under the securities laws of any state of the United States, and are ''restricted securities'' as defined in Rule 144 under the US Securities Act. For so long as the ordinary shares are ''restricted securities'' as defined in Rule 144 under the US Securities Act, a purchaser of ordinary shares may not re-offer, re-sell, pledge or otherwise transfer ordinary shares except: (i) pursuant to an effective registration statement under the US Securities Act, (ii) pursuant to a transaction meeting the requirements of Regulation S under the US Securities Act; (iii) to a ''qualified institutional buyer'' as defined in, and in reliance on, Rule 144A under the US Securities Act; or (iv) pursuant to an exemption from the registration requirements of the US Securities Act provided by Rule 144 thereunder or another exemption therefrom (if available), provided that, in the case of a transfer pursuant to (iv) the transferor must deliver an opinion of counsel in form and substance reasonably satisfactory to the Company as to the availability of such exemption. Pursuant to the Company's memorandum and articles of association, the Company is required to refuse to register any transfer of its securities not made in accordance with the provisions of Regulation S (including applicable restrictions on hedging of shares) or the registration requirements under the US Securities Act or an available exemption therefrom.

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