The UK-based medical equipment developer and manufacturer, BTL Industries, has acquired Belgian company Medisoft, marking its official entry into the respiratory and pulmonary diagnostics space.
According to a statement by BTL, the merger with Medisoft builds on a “highly successful” five-year commercial partnership: “By combining Medisoft's deep specialised expertise with BTL’s robust global infrastructure, we are taking a significant step forward in our mission to deliver a comprehensive, top-tier medical technology portfolio.”
Medisoft has been engineering world-class cardiorespiratory and pulmonary diagnostics since its founding in 1977, including spirometry and pulmonary function testing systems. Their advanced solutions complement BTL’s established cardiology division, creating a highly comprehensive offering for cardiopulmonary care.
Following the completion of the deal, Medisoft will maintain its headquarters, manufacturing facilities, and team in Sorinnes, ensuring the continuation of the product quality and engineering excellence for which it is known.
“Sometimes the strongest business milestones don't just come from rigid corporate strategy, but from years of mutual trust, shared values, and successful collaboration. We look forward to this next chapter of shared growth and innovation,” the statement read.
Belgian brilliance beckons buyers
This is not the first time an organisation has recognised the value of Medisoft’s strategic location and renowned innovations. The company was previously acquired by global medical technology company MGC Diagnostics – which also specialises in cardiorespiratory health solutions – for €5.8 million in 2014.
Moreover, MGC issues warrants (worth €314,000, with a three-year term) to the Medisoft shareholders to purchase 168,342 shares of its common stock, at a price of $7.96 per share. The total aggregate transaction consideration of €6.1 million (including the value of the warrants) represents a multiple of 1.3x 2013 Medisoft revenues. Of the total cash consideration, approximately €4.1 million (or 0.9x 2013 MediSoft revenues) was paid to Medisoft shareholders for the business operations, and approximately €1.7 million was paid to retire existing Medisoft debt.
The deal gave US-based MGC direct operations, scale and customer support across Europe via Medisoft and its subsidiaries in France, Italy and Germany. Additionally, MediSoft's strong brand equity, complementary distribution channels and leading-edge manufacturing capabilities strengthened MGC Diagnostics’ position as a global leader in cardiorespiratory diagnostics.
“MGC is a highly respected brand in the U.S. cardiorespiratory market and the MediSoft brand commands similar recognition in Europe. We now have a full suite of products and software, global manufacturing capacity and the sales and marketing capabilities to continue expanding our business on a global scale,” MGC CEO Todd M. Austin said at the time.
