Medical device company ReWalk Robotics concluded the acquisition of US-based AlterG last week for a purchase price of around $19m in cash.
The acquisition agreement outlines the option for ReWalk to make two potential earnout payments.
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These payments will be based on a percentage of the year-over-year revenue growth of AlterG during each of the two consecutive trailing 12-month periods following the completion of the transaction.
The merged company is expected to provide expanded access for patients to new rehabilitation technologies used in clinics and at home.
Established in 2005, AlterG supplies Anti-Gravity systems designed for physical and neurological rehabilitation applications.
Leveraging Differential Air Pressure technology, the Anti-Gravity system reduces the effects of gravity, allowing individuals to move in new ways with finely calibrated support and reduced discomfort.
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By GlobalDataAlterG systems are present in over 4,000 facilities globally, aiding millions in attaining its goals safely, leading to improved mobility results.
Following the completion of the transaction, Charles Remsberg, who formerly served as the CEO of AlterG, has taken on the role of chief sales officer at ReWalk.
ReWalk CEO Larry Jasinski said: “We are exceedingly pleased to have now formally combined the unique and complementary strengths of our two organisations.
“We now look forward to applying our respective competencies and leveraging our synergies to expand clinician and patient access to the innovative technologies within our combined portfolio.”
Established in 2001, ReWalk develops and markets advanced technologies that facilitate mobility and wellness in rehabilitation and daily life for people with neurological conditions.
