Varian Medical Systems Announces Agreement to Acquire InfiMed Inc.
March 5, 2012
PALO ALTO, CA--Varian Medical Systems Inc. has reached an agreement to acquire InfiMed Inc., a privately-owned supplier of workstations including hardware and software for processing diagnostic X-ray images. The acquisition, which is expected to close in early April, subject to the satisfaction of certain closing conditions, will operate within Varian's X-Ray Products segment. The agreement provides that Varian will pay approximately $15 million for InfiMed plus earnouts based on sales of InfiMed products achieved over the next 24 months. Varian expects that the acquisition will be about neutral to earnings per diluted share in fiscal 2012.
"The addition of InfiMed will enable Varian to better serve its X-ray customers as a one-stop shop for x-ray tubes, flat panel image detectors, and workstations, says Robert Kluge, president of Varian's X-Ray Products business. "InfiMed's products and know-how will enable us to provide more fully integrated X-ray component solutions to our customers. This could provide our customers with easier more seamless integration of Varian components into their systems and help users achieve improved performance in their imaging systems. We also hope to enable equipment developers to reduce time to market and access niche markets that might otherwise be out of reach."
Founded in 1983, InfiMed generates some $15 million in annual revenues by developing and supplying X-ray equipment manufacturers around the globe with specialized software and hardware for medical imaging applications, including radiography and fluoroscopy, digital radiography, cardiology and angiography. The company has about 60 employees working in facilities near Syracuse, NY.