Volcano, a medical device manufacturer based in San Diego, California, announced an agreement to purchase Israeli software company Sync-Rx. Sync-Rx will be purchased for $17.3 million, and the acquisition will apply to all outstanding shares of the company.
Sync-Rx, a healthcare imaging company. is based in Israel. The company develops software that optimizes images during cardiovascular interventions that use a transcatheter. According to a statement released by the company, it will continue to operate in its current location in Israel. In addition, the company plans to retain all current employees at Sync-Rx.
In a prepared statement, CEO Scott Huennekens said, "Sync-Rx's technology provides Volcano with a platform on which to build a range of advanced software features that will aid clinical decision-making by providing angiography and intra-body image enhancement, measurements and non-invasive imaging and intravascular co-registration capabilities, and future opportunities in physiology and peripheral and minimally invasive structural heart therapy guidance."
Percutaneous coronary interventions are under a higher level of scrutiny by industry regulators. With Sync-Rx’s technology, Volcano hopes to create and provide more imaging, data and documentation that validate this type of procedure. The company has also experienced some weak spots under current market conditions. Due to softness in the company’s PCI market, its sales outlooks have been lowered for this year.