MedaPhor, the AIM-listed advanced ultrasound training systems developer, has agreed to acquire聽University of Oxford spin-out company Intelligent Ultrasound.
Founded in 2004, MedaPhor develops advanced ultrasound skills training simulators for聽medical professionals. The Cardiff-headquartered company has more than 200 customers in over 30 countries around the world.
Intelligent Ultrasound, described as a leader in imaging analytics, develops products and services that make ultrasound imaging a more effective diagnostic tool.
MedaPhor will acquire Intelligent Ultrasound for up to 拢3.6 million. The deal is subject to shareholder approval.
鈥淭his is a strategic acquisition that will expand our existing ultrasound training simulator business into the larger clinical ultrasound software market,鈥� MedaPhor chief executive Stuart Gall said.
鈥淐ombining Intelligent Ultrasound鈥檚 exciting deep learning image analysis software with our existing management, R&D and sales networks, will speed up the commercialisation of the IUL products currently in development and we look forward to working with their excellent team to realise this objective.鈥�
MedaPhor has, alongside the transaction, has raised 拢5.5m through a share placing.
The funds will be used to develop Intelligent Ultrasound鈥檚 suite of products, further develop MedaPhor鈥檚 existing simulator and training division and finance the working capital requirement of the group.