Medical technology company BioTelemetry has agreed to acquire Geneva Healthcare, a startup focussed on offering remote monitoring for implantable cardiac devices.
As per the terms of the merger agreement, BioTelemetry will make an upfront payment of $45m, along with a minimum of $20m in additional performance-based earn-outs.
Geneva Healthcare provides a cloud-based platform designed to collect data from major device manufacturer systems. This allows physicians to remotely monitor all their patients implanted with cardiac devices such as pacemakers, defibrillators and loop recorders.
It offers a single platform for physicians to order patient monitoring, view results and request routine device checks, improving in-office efficiencies and patient compliance.
Geneva Healthcare CEO Yuri Sudhakar said: “Cardiology providers are looking for strategic solutions to improve patient care and workflow. We provide these solutions by leveraging technology to deliver better patient care and a better patient experience.
“We think this powerful combination of complimentary tech-enabled services provides Geneva the necessary resources to significantly expand our reach in the over $1bn domestic implantable cardiac device monitoring market, delivering the much-needed benefits of our technology and service to cardiac practices, physicians and patients.”
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The company transforms cardiac device data into actionable insights in order to improve clinical workflow and patient care for electrophysiologist practices.
BioTelemetry president and CEO Joseph Capper said: “Just as we revolutionised remote cardiac outpatient monitoring, with our MCOT service and platform, Geneva is transforming the way physician offices consolidate and manage the monitoring of implantable cardiac devices.
“We believe the enhanced offering this merger creates will provide tremendous benefit to the thousands of clients we serve and will further solidify our leadership position in remote cardiac monitoring.”
The acquisition has been approved by boards of directors of both the parties. It is subject to customary closing conditions and expected to be completed in the first quarter of this year.