PocketSonics Acquired by Analogic
Friday, September 27, 2013
Analogic Corporation, enabling the world's medical imaging and
aviation security technology, has acquired the remaining ownership stake
in PocketSonics, Inc., a privately held ultrasound technology firm
based in Charlottesville, Virginia. Analogic has held a minority equity
position in PocketSonics since 2010. Since that time, Analogic has been
working closely with PocketSonics under an Analogic-funded development
and technology license arrangement to advance the PocketSonics
technology. The acquisition brings this advanced technology, associated
intellectual property, and a small focused team of engineers to
Analogic. Jim Green, president and CEO of Analogic, commented, "We
have been working with PocketSonics for over three years developing
unique patented ultrasound technology to enable leading-edge procedure
guidance for point-of-care and other advanced guidance applications. We
are pleased to welcome the PocketSonics team to the Analogic family to
continue our strong collaboration and believe that this technology will
play a critical role in enabling the acceleration of high acuity guided
procedures to lower cost point-of-care settings." Consideration
for the transaction included an initial cash payment of approximately
$11 million, with additional contingent payments of up to $3 million
based upon the achievement of certain milestones relating to the
technology. Other terms of the transaction were not disclosed. The
transaction was completed on September 20, 2013.
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