Munich-based TomTec makes multi-modality and vendor-neutral diagnostic and analysis applications for cardiology, radiology and OB/GYN, the Dutch healthcare conglomerate said. Founded in 1990, TomTec employs more than 100 workers in the U.S., Europe and Asia. Philips said it plans to continue to offer the acquisition’s vendor-neutral product line, integrating its medical software applications into third-party systems.
The deal was expected to close yesterday, Philips said.
“We are committed to providing ultrasound solutions that combine superb image quality with advanced analytics to drive efficiency and reproducibility, while reducing costs for our customers,” ultrasound business leader Vitor Rocha said in prepared remarks. “The acquisition of TomTec brings a strong team and new assets that are strategically valuable to Philips and will enable us to accelerate growth in our cardiac ultrasound and OB/GYN portfolios.”
Philips has been on a buying-and-selling spree this year, in February paying $3.2 million for the VersaVue software and DynaCAD breast and prostate imaging devices developed by iCad (NSDQ:ICAD). In May the company inked a deal to acquire airway clearance solution developer RespirTech for an undisclosed amount and picked up Electrical Geodesics for $36.7 million the next month.
June also saw Philips and Spectranetics (NSDQ:SPNC) agree to a merger worth more than $2 billion and Profound Medical (TSX:PRN) agree to put up about $6 million worth of its own shares to acquire the Sonalleve MR-HIFU business. And earlier this month Philips paid an unspecified amount to acquire stealthy CardioProlific and the peripheral thrombectomy catheters it’s developing.
Philips isn’t the only one with its sights set on buying and selling; an activist fund run by Daniel Loeb is said to be amassing a stake ahead of a possible proxy war next year.