Royal Philips has entered into an agreement to acquire French medical technology firm Cardiologs with the aim of expanding its cardiac monitoring and diagnostics portfolio.
The financial details of the deal were not disclosed by the company.
Founded in 2014, Cardiologs focuses on developing solutions using artificial intelligence (AI) and Cloud technology to help clinicians manage patients with cardiac arrhythmia disorders.
The company’s offerings include a vendor-neutral heart disorder screener and electrocardiogram (ECG) analysis applications.
Approved by the US Food and Drug Administration (FDA) and CE-marked for detecting cardiac arrhythmias, the technologies from Cardiologs are designed to streamline clinician workflow as well as help in patient care, decrease reporting errors and expedite diagnostic reporting.
Royal Philips stated that the acquisition of Cardiologs is a strong fit with its current cardiac care solutions portfolio. This already includes informatics for hospitals, therapeutic devices, real-time patient monitoring, telehealth, and ambulatory cardiac diagnostics and monitoring solutions.
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Royal Philips connected care chief business leader Roy Jakobs said: “Offering superb clinical insights, as well as automated clinical reporting, Cardiologs’ medical-grade AI technology and data scientists will be a strong addition to our growing portfolio of cardiac solutions for hospital and ambulatory settings.
“Philips’ global footprint can accelerate the availability of Cardiologs’ technology to patients all over the world and further deliver on the quadruple aim of an improved patient care experience, better health outcomes, improved staff experience and lower cost of care.”
Subject to customary closing conditions, the deal is expected to close in the coming months. As part of the agreement, Cardiologs’ workforce of around 70 employees will join Philips.
Headquartered in the Netherlands, Royal Philips is a health technology company specialising in diagnostic imaging, image-guided therapy, patient monitoring and health informatics.