Medical imaging firm Analogic has bought the remaining ownership stake in ultrasound technology developer PocketSonics.
Analogic had held a minority equity position in PocketSonics since 2010. The firms have been working closely under an Analogic-funded development and technology license arrangement to advance the PocketSonics technology for procedure guidance for point-of-care and other advanced guidance applications, according to Analogic.
The acquisition brings PocketSonics' technology, associated intellectual property, and team of engineers to Analogic, according to the vendor.
Analogic paid approximately $11 million in cash for the remaining ownership position, and the firm will pay up to $3 million more in additional contingent payments based on the achievement of certain milestones related to the firm's technology. Other terms were not disclosed for the transaction, which was completed on September 20.
