Medtronic Inc. said Monday that it closed its $200 million acquisition of Cardiocom, which develops and provides services that help manage chronic diseases.
The Minneapolis-based medical device maker said it doesn't expect the deal to affect its fiscal year 2014 profit.
Medtronic said the move is part of its plan to expand its product offerings to broader health care services. It added that one of its first areas of focus will be heart failure, where the addition of Cardiocom's technology and services will expand its reach to more patients.
Cardiocom focuses on important diseases, such as diabetes and cardiovascular disease, including heart failure and high blood pressure. Its products and services include remote monitoring and patient-centered software that allow care coordination and technology-based nurse support.
Medtronic shares slipped 13 cents to $55.24 in morning trading.