Materialise swoops for surgery software provider
A Hampshire-based company which provides 2D pre-operative software for orthopedic surgeons has been snapped up in a deal worth almost £9m.
OrthoView Holdings, which has offices in Southampton and Florida, was acquired by Belgium-based Materialise NV for a cash payment of £8.47m and a possible additional payment of up to £360,000.
At completion, OrthoView had an estimated £1.2m in cash and cash equivalents on hand and no financial debt.
OrthoView's X-ray-based, pre-operative planning software is used in 2,000 hospitals wordwide and is connected to many picture archiving communications systems (PACS).
The business currently serves more than 11,000 orthopedic surgeons in 60 countries globally, focusing primarily on joint replacements. It employs approximately 23 staff, all of whom are expected to join Materialise.
OrthoView co-founder and chief executive John Chambers, who will continue his career within the Materialise group, said: "Surgeons and PACS partners have always seen 3D planning as a natural addition to the OrthoView product portfolio, but building up that kind of expertise requires years of development and a huge investment.
"With Materialise already at the forefront of this technology, our team can quickly expand the solutions we offer to surgeons worldwide."
Materialise founder and chief executive Fried Vancraen added: "We are extremely proud that OrthoView has joined the Materialise Group. With an outstanding reputation in the surgical pre-planning world, complementary product portfolio and a robust sales reach, OrthoView is an ideal fit for Materialise."