A Medical Device Daily
IDX Systems (Burlington, Vermont) reported that it has agreed to acquire the assets of RealTimeImage (RTI; San Bruno, California/Tel Aviv, Israel), a developer of web-based medical specialty imaging solutions, for an estimated deal value of $15.5 million.
RT’s Pixels-on-Demand image streaming and multi-frame, cinemotion image viewing technology is integrated into the recently unveiled IDX Imagecast for cardiology product offering, and IDX said the agreement is part of its strategy to acquire “leading-edge technology and expertise.”
With RTI technology, Imagecast for Cardiology integrates cardiology information and imaging data across multiple modalities and locations. IDX said that the technology extends its own technology, named Infrastructure for Procedural Medicine, which it terms “a strategy for providing specialists with procedural medicine and workflow-based solutions operating on a common architecture.”
James Crook Jr., CEO of IDX, called the proposed purchase of RealTimeImage “the latest milestone in our 36-year track record of innovation . . . The Imagecast product offerings have been ranked as a leading solution in the diagnostic imaging market. We expect that increased focus in this area will result in greater customer success and enhanced value for our shareholders.”
Zvi Eintracht, CEO of RTI, said that the merger enables his company to take its technology to a wider market. “Our company’s vision for delivering cardiologists secure, real-time access to image data over any network connection can be realized through integration into IDX’s leading healthcare technology solutions.”
Imagecast for Cardiology’s PACS system features unified database architecture with the Imagecast workflow product line. This approach provides role-based workflow and access to all related images.
The deal is expected to close in the second quarter.
RTI was established in 1996 and reports more than 500 organizations using its technology.
Founded in 1969, IDX Systems reports its systems are used by about 150,000 physicians and that they are installed at more than 3,400 sites, including more than 850 group practices and about 370 integrated delivery networks serving more than 500 hospitals.
In other dealmaking news:
• Speech recognition specialist Wizzard Software (Pittsburgh) reported being “in the final stages” of due diligence to acquire the assets of Interim Health Care of Wyoming (Casper) for its MedivoxRx Technologies subsidiary. Interim provides visiting nurse services to the elderly, wounded and sick. Interim is the largest home healthcare agency in central Wyoming and is one of the 300 home health agencies comprising Interim Health Care.
Wizzard said it has noted that the healthcare industry has proven to be an aggressive adopter of speech technologies and that over the next 18 months it plans to acquire several more home health agencies to complement its speech and talking pill bottle products. Wizzard pointed to “major opportunities” in speech recognition for visiting nurses; for patient medication reminder services; and for its “talking products,” such as blood pressure monitors, medication alerts and other talking medical devices.
• ResCare (Louisville, Kentucky), a provider of education and support services for people with disabilities and special needs, said it has signed agreements to purchase the operations and certain assets of Home Caregiver Services in four states: California, Nevada, Colorado and Illinois. The acquisition will total 12 operations with expected combined revenues of about $13.2 million annually.
Ronald Geary, ResCare’s president and CEO, said that Home Care-giver Services provides ResCare “a platform for building our periodic in-home services into four more ResCare states and further expands our private pay revenues.”
ResCare offers services to about 34,000 people in 33 states, the District of Columbia, Puerto Rico and Canada.
• Diagnostics firm Motion DNA (Phoenix) yesterday reported that Formula 51-2, an Arizona investment company, has made an offer to acquire all of the firm’s outstanding shares for $2.50 a share. Motion DNA said that its board is considering the offer, which requires a response or counteroffer by today. Motion DNA says that its biomechanical analyses testing and reports provide solutions for preventing injuries, identifying physical limitations, diagnosing pre-existing injuries related to biomechanics and improving physical performance levels.