Published on : Sep 23, 2013
Analogic Corporation, a global provider of products and solutions for the medical imaging and aviation security technology announced the acquisition of its remaining ownership stake in PocketSonics, Inc. Since 2010, Analogic had minority equity in the Charlottesville-based ultrasound technology firm. Analogic’s leading-edge ultrasound systems are primarily employed in procedure-related medical segments such as surgery, point-of care and urology.
Over the last three years, the two firms have been working closely as part of an Analogic-funded license agreement for technology development for the purpose of advancing PocketSonics’ technology. Now, with Analogic’s complete acquisition of PocketSonics, the entire technology suite and the associated intellectual property rights comes to Analogic. The acquisition will also see a small team of specialist engineers coming under Analogic’s purview.
The transaction that was completed on September 30, 2013, entailed an initial cash payment to the tune of $11 million. Besides this, an additional contingent payment of approximately $3 million was part of the acquisition. This contingent payment primarily pertained to certain technological advancement milestones being achieved. However, the company did not disclose any other terms and details pertaining to the transaction.
Analogic has been working in close collaboration with PocketSonics over a three-year period, during which considerable milestones were achieved in patented ultrasound technology. This technology enables state-of-the-art procedure guidance and advanced guidance applications. Analogic CEO Jim Green said that in the near future, the focus shall remain on developing highly accurate and acute guided procedures that feature a lower the cost of point-of-care settings.