BioTelemetry Acquires VirtualScopics
MALVERN, PA, May 11, 2016 - BioTelemetry, Inc. , the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, announced today that it has completed its acquisition of VirtualScopics, Inc., a leading provider of clinical trial imaging solutions. The acquisition comes after the successful completion of the all cash tender offer for all outstanding common and preferred shares of VirtualScopics. The total purchase consideration was approximately $15 million, net of cash and debt acquired. Joseph H. Capper, President and Chief Executive Officer of BioTelemetry, commented: “We are excited to welcome VirtualScopics to the BioTelemetry family. The addition of VirtualScopics’ imaging capabilities expands our clinical research offerings and further demonstrates our commitment to growing this important portion of our business. As I have mentioned in the past, an integrated cardiac and imaging testing platform will deliver much greater value to our customers and makes us a far more formidable competitor in this market. We are also thrilled to add a strong operational leadership team and look forward to building upon their longstanding customer relationships.” The Company will provide additional information on the impact the acquisition will have on 2016 results during its normally scheduled second quarter earnings call which is expected to occur in late July. About BioTelemetry BioTelemetry, Inc., formerly known as CardioNet, Inc., is the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care. The company currently provides cardiac monitoring services, original equipment manufacturing with a primary focus on cardiac monitoring devices and centralized cardiac core laboratory services. More information can be found at www.biotelinc.com.
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