Medaphor acquires Intelligent Ultrasound for up to £3.6 million

Medaphor acquires Intelligent Ultrasound for up to £3.6 million

Medaphor, the global provider of advanced ultrasound skills training simulators, will acquire the image analysis software company for up to £3.6m and has conditionally raised £5.5m for new product development plans and working capital requirements.

Intelligent Ultrasound, founded by world leading academic, Professor Alison Noble OBE FREng FRS, develops deep learning based ultrasound image analysis software.

The acquisition will allow MedaPhor to expand its existing ultrasound simulator business into the larger ultrasound related software market

The acquisition of IUL is to be satisfied predominantly by the issuance of new ordinary shares at a price of 16.22p each.

Medaphor has said that IUL made a net loss of £647,763 for the year ending September 30 2016, and cumulative retained losses of £2.1 million for the same year.

The £5.5 million has been raised by the issuance of 44.1 million ordinary shares at a price of 12.5 pence per share.

Medaphor said the funds will be used to develop the acquired Intelligent Ultrasound range of products, develop augmented reality products and existing Medaphor simulators and training divisions, and to finance the working capital management of the company.

Stuart Gall, chief executive of MedaPhor, said: "This is a strategic acquisition that will expand our existing ultrasound training simulator business into the larger clinical ultrasound software market.

“Combining Intelligent Ultrasound's exciting deep learning image analysis software with our existing management, R&D and sales networks, will speed up the commercialisation of the IUL products currently in development and we look forward to working with their excellent team to realise this objective."

Published: 21 September 2017

Article by Chris Middleton
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