Analogic Acquires Ultrasound Technology Firm PocketSonics
Analogic Corporation, enabling the world's medical imaging and aviation security technology, today announced that it 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.