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.
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.”