Analogic Acquires Remaining Ownership Stake In PocketSonics - Quick Facts

(RTTNews) - Analogic Corp. (ALOG) Friday said it has acquired the remaining ownership stake in PocketSonics, Inc., a privately held ultrasound technology firm based in Charlottesville, Virginia. Analogic has held a minority equity position in PocketSonics since 2010.

Consideration for the transaction included an initial cash payment of approximately $11 million, with additional contingent payments of up to $3 million based upon the achievement of certain milestones relating to the technology.

Jim Green, president and CEO of Analogic, commented, "We have been working with PocketSonics for over three years developing unique patented ultrasound technology to enable leading-edge procedure guidance for point-of-care and other advanced guidance applications."

The acquisition adds an advanced technology, associated intellectual property, and a team of engineers to Analogic.