MedaPhor, the AIM-listed advanced ultrasound training systems developer, has agreed to acquire University of Oxford spin-out company Intelligent Ultrasound.
Founded in 2004, MedaPhor develops advanced ultrasound skills training simulators for 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 £3.6 million. The deal is subject to shareholder approval.
“This is a strategic acquisition that will expand our existing ultrasound training simulator business into the larger clinical ultrasound software market,” MedaPhor chief executive Stuart Gall said.
“Combining Intelligent Ultrasound’s 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.”
MedaPhor has, alongside the transaction, has raised £5.5m through a share placing.
The funds will be used to develop Intelligent Ultrasound’s suite of products, further develop MedaPhor’s existing simulator and training division and finance the working capital requirement of the group.