Three-dimensional-software developer Vital Images of Minneapolis has completed its acquisition of fellow 3-D firm HInnovation of Milwaukee.
HInnovation's flagship product is iConnection, software that allows physicians to use PCs or notebook computers to access 2-D, 3-D, and 4-D medical imaging applications over the Internet.
As previously announced, the transaction includes a $12 million initial payment to Hinnovation consisting of $6 million in stock and $6 million in cash, along with $6 million in contingent milestone payments comprised of $3 million in stock and $3 million in cash. The contingent payments are tied to achievements in revenue generation, product development, and intellectual property, Vital Images said.
Vital Images has nearly completed training its sales force and plans to begin selling iConnection during the second quarter of this year.
By AuntMinnie.com staff writersFebruary 20, 2004
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Vital Images moving into lung analysis with R2 Technology, December 3, 2003
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