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CardioNet acquires ECG Scanning & Medical Services for $5.8m

CardioNet, a wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, has acquired ECG Scanning & Medical Services.

All outstanding shares of ECG Scanning have been acquired by CardioNet for $5.8m in cash and the latter will pay up to an additional $0.6m in cash upon the former reaching certain performance targets.

CardioNet president and chief executive officer Joseph Capper said ECG Scanning is a respected cardiac monitoring provider that affords CardioNet access to established relationships with healthcare providers and payors in the mid-west.

"This acquisition demonstrates our commitment to augment the growth of our core business through strategic transactions," Capper said.

"The combined strength of the two companies further cements CardioNet’s position as the leading provider of wireless cardiac monitoring services."

CardioNet provides ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health, and markets Mobile Cardiac Outpatient Telemetry solution to monitor heart rhythm disorders.