US-based Cloud-connected medical devices manufacturer ResMed has signed an agreement to acquire MEDIFOX DAN, a German out-of-hospital software solutions provider, in a deal valued at around $1bn.

By acquiring MEDIFOX DAN from private-equity firm Hg, ResMed will be able to build on its existing business in Germany as a provider of medical devices that transform care for sleep apnea patients and those with other respiratory conditions.

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Founded in 1994, MEDIFOX DAN offers software solutions and services to health care and therapy providers.

The company’s core offering includes digital solutions for factoring and hosting services, care planning and documentation, administration, billing, resource, and route planning.

In addition to manufacturing medical devices, ResMed provides out-of-hospital software solutions to more than 137 million users across the world.

It also offers Cloud-connected medical devices for the treatment of chronic obstructive pulmonary disease (COPD) and other chronic diseases.

Through the deal, ResMed expects to speed up the digital transformation of care in Germany and expand its software as a service (SaaS) business footprint outside the US.

MEDIFOX DAN will be integrated into ResMed’s out-of-hospital SaaS business segment upon completion of the acquisition.

This will help to expand ResMed’s solutions portfolio into new healthcare sectors, such as outpatient therapy.

ResMed CEO Mick Farrell said: “With the acquisition of MEDIFOX DAN, a fast-growing and innovative German healthcare software leader, we will expand ResMed’s SaaS business portfolio outside our current base in the US market and strengthen our position as the global leader in healthcare software solutions for lower-cost and lower-acuity care.

“Our management cultures are highly aligned with a laser focus on lowering costs, improving outcomes and changing the course of chronic disease management.”

The company expects to use its existing credit facilities to fund the transaction.

The acquisition is still subject to regulatory approvals and is anticipated to be concluded by the end of the second quarter of ResMed’s fiscal year 2023.