Align Technology buying Cadent for $190 million
Align Technology Inc., which makes the Invisalign tooth-straightening system that is an alternative to traditional braces, said on Tuesday that it has agreed to buy dentistry services provider Cadent Holdings Inc. for $190 million in cash.
Cadent, based in Carlstadt, N.J., provides three-dimensional digital scanning services for dentists and orthodontists. The services allow for digital records storage and digital impressions for making crowns and bridges, veneers, implants, and other restorative dental procedures.
In January Align said it teamed up with Cadent to develop Invisalign software that will run on Cadent scanners. Align said buying Cadent will help streamline the Invisalign procedure for patients and orthodontists.
Their combination "provides a significant opportunity to create growth and to build value for customers and shareholders," Align said.
The deal for privately-held Cadent is expected to close during the second quarter. It will trim 2011 earnings, but add to adjusted earnings per share in 2012, Align said.
Align Technology shares rose 20 cents to close at $21.18 on Tuesday. They fell 20 cents to $20.98 in aftermarket trading after the deal was announced.