Syneron Medical Ltd. (Nasdaq: ELOS) has acquired San Diego-based laser technology R&D start-up, Inlight Corporation. The company did not disclose the size of the deal or its terms, but the amount is apparently negligible, especially given Syneron's $220 million in cash.
Syneron's cash reserves gives it maneuvering room, even during the current economic crisis, allowing the company to invest in promising Israeli and foreign start-ups, or even acquire them in whole or in part, at its discretion. Syneron produces the Elos bipolar radio and light frequency combined-energy medical aesthetic devices.
Syneron's share closed at $9.72 yesterday, giving a market cap of $269 million. The share has fallen 27% since January, better than the 33% fall of Nasdaq over the same period.
Inlight president and co-founder Shlomo Assa will join the Syneron's management. He has extensive experience in the laser device industry, previously holding positions at Laser Industries Ltd. and other companies. He also holds multiple US patents for laser-based technology.
The acquisition of Inlight is Syneron's second acquisition this year. In February, the company acquired Israeli start-up Rakuto Bio Technologies Ltd., which develops a skin whitening method, for an undisclosed amount.
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2008
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