Malvern-based BioTelemetry has agreed to buy Geneva Healthcare for $45 million, plus the promise of an additional $20 million over time, writes Jeff Blumenthal for the Philadelphia Business Journal.
BioTelemetry is a medical device company that specializes in mobile and wireless medical technology that is used for remote cardiac monitoring, monitoring of mobile blood glucose, and centralized medical imaging.
The California-based provider is an early-stage company. It provides physicians with a single portal to monitor all their patients, view monitoring results, and request routine device checks. Last year, Geneva reported $6 million of revenue for its first full year of commercialization.
The company will fund the acquisition with cash on hand, debt or equity, or a combination of both. The deal is expected to close this quarter.
“We believe the enhanced offering this merger creates will provide tremendous benefit to the thousands of clients we serve and will further solidify our leadership position in remote cardiac monitoring,” said BioTelemetry CEO Joseph H. Capper.
Six months ago, BioTelemetry acquired LifeWatch AG, which also creates products used to remotely monitor cardiac care patients.
Read more about BioTelemetry in the Philadelphia Business Journal here.