iCad (NSDQ:ICAD) said yesterday that it agreed to deal its VersaVue software and DynaCAD breast and prostate imaging devices to Royal Philips‘ (NYSE:PHG) InVivo unit for $3.2 million.
Nashua, N.H.-based iCad said the Dec. 16 deal includes a holdback reserve of $350,000. The deal is expected to close by Jan. 31, 2017; if it doesn’t close by Feb 15, 2017, either party can back out, the company said in a regulatory filing.
Gainesville, Fla.-based InVivo, which Philips acquired in 2007 when it paid $1.4 billion for Intermagetics General Corp., already licenses the DynaCAD and VersaVue products from iCad. The new deal supersedes that agreement.
iCad said the parties aim to ink software cross-license and transition services agreements when the deal closes.