U.S. company buys Vancouver tech company for $83m

Vancouver technology company Ultrasonix Medical Corp. announced January 8 that it will be bought by Peabody, Massachusetts-based Analogic Corp. (Nasdaq:ALOG) for $83 million cash.

Vancouver technology company Ultrasonix Medical Corp. announced January 8 that it will be bought by Peabody, Massachusetts-based Analogic Corp. (Nasdaq:ALOG) for $83 million cash.

Ultrasonix is a supplier of advanced ultrasound systems for point-of-care and general imaging applications and has supplied approximately 5,000 of these systems worldwide.

CEO Laurent Pelissier founded the company in 2000 and the University of British Columbia (UBC) was its first customer. His plan is to stay with the company in Vancouver although his exact position is unclear.

No staff cuts are expected.

The company generated $34.5 million in the 2011 fiscal year. Revenue growth is expected to be in the high single-digit percentages, Analogic revealed in a release.

Analogic expects the transaction to close in late February.

“Ultrasonix brings key ultrasound technology and a direct distribution channel, complementary to our own,” said Analogic CEO Jim Green.

“This acquisition is an important step in executing our overall growth strategy as we expand our direct ultrasound business into the fast-growing adjacent point-of-care ultrasound market.”

gkorstrom@biv.com

@GlenKorstrom

comments powered by Disqus

Also Read

More From Technology

B.C. tech giant sinks more than US$100 million into machine-to-machine portfolio 

Read Article

Creating a strong password is essential to protecting your important data. Could you be putting your information at risk?

Read Article

Researchers at Point Grey facility have pioneered a way to replace Canada’s limited medical isotope supply without a nuclear reactor

Read Article

When Lighthouse Labs organized a free daylong coding camp last January, more than 1,300 people registered for 500 seats. 

Read Article

Comments

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×