US-based Analogic has acquired the remaining ownership stake in PocketSonics for an initial cash payment of approximately $11m, with additional contingent payments of up to $3m based on the achievement of certain milestones related to the patented ultrasound technology.
Analogic has a minority equity position in PocketSonics since 2010 and both the companies have been working since that time under an Analogic-funded development and technology license arrangement to advance the PocketSonics technology.
The acquisition of remaining ownership stake in PocketSonics brings this advanced technology, associated intellectual property, and a small focused team of engineers to Analogic.
Analogic president and CEO Jim Green noted the company has 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," Green added.