3D Systems acquires Simbionix for $120m

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deal merger picture: photo to go

Simbonix develops 3D virtual reality simulation systems to train doctors in complex surgical and treatment procedures.

3D Systems (NYSE:DDD) (3DS) has agreed to acquire Simbionix for $120 million in cash. Simbionix has developed 3D virtual reality simulation systems for training doctors to conduct complex surgical and treatment procedures. The transaction is expected to be completed within the next 30 days, subject to customary closing conditions.

US-based 3D Systems offers a range of 3D printing systems in various areas including medicine and the company therefore sees the acquisition as synergy driven.

3DS CEO Avi Reichental said, "Simbionix is a perfect match for our healthcare business and its powerful technology, products, channels and domain expertise expands our 3D healthcare capabilities from the training room to the operating room, and extends our first mover advantage in this fast growing vertical."

Headquartered in Cleveland, Ohio with an R&D center in Israel's Airport City, Simbionix has pioneered patient-specific simulation with FDA-cleared solutions that are changing the way preparation for individual surgeries are carried out. Its proprietary simulation and training products are revolutionizing the way physicians practice and master surgical procedures with improved learning that can favorably impact patient outcomes.

Simbionix CEO Gary Zamler will become 3DS VP and Simbionix General Manager.

Simbionix has dozens of employees and annual revenue of tens of millions of dollars. The company is probably profitable because 3DS says that the acquisition will contribute to its cash flow and profitability.

Simbionix COO and President Ran Bronstein, and CFO Boaz Tal were among the founders of the company in 1997. The company has raised $14 million with half of that sum raised in the last major financing round in 2008. Investors include Early Stage Partners, Koor, Etrinsic, Rad Biomed, and the company has also receive assistance from Israel-United States Binational Industrial Research and Development Foundation (BIRD-F) and the Office of the Chief Scientist.

Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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deal merger picture: photo to go
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