Medtronic CEO visits Israel

 Omar Ishrak Photo: Reuters

Omar Ishrak heads a delegation of senior executives who will become acquainted with Medtronics recent acquisitions - Mazor Robotics, Nutrino and Visionsense.

Medtronic chairperson and CEO Omar Ishrak today arrived in Israel for a visit at the head of a delegation of Medtronic executives, including EVP and restorative therapy groups president Geoffrey Martha, responsible for the acquisition of Israeli company Mazor Robotics for $1.64 billion.

Medtronic is the world's largest medical devices company, with $30 billion in annual revenue. Ishrak, who has headed the company since 2011, is a charismatic and an unusual CEO who stands out even among the CEOs of very large companies. The company's results during his term at the helm have been excellent.

Ishrak's current visit is aimed at celebrating and getting more thoroughly acquainted with Medtronic's recent acquisitions, especially the huge (by Israeli standards) acquisition of Mazor; Nutrino, acquired for nearly $100 million; and Visionsense, acquired at a company value of $75 million.

Medtronic also signed an agreement with the Israel Innovation Authority to support the founding of a new R&D center. Medtronic Israel country director Yaron Itzhari said two weeks ago, when Nutrino was acquired, that this would not be his company's last acquisition in Israel. It is therefore likely that additional contacts are already taking place and will be advanced during the visit. Medtronic is interested primarily in companies dealing with diabetes, implants, digital health, and minimally invasive surgery.

On a previous visit, Ishrak frequently expressed appreciation for Israeli innovation and activities in Israel. During his term as CEO, Medtronic acquired Covidien, Oridion Medical, Given Imaging, and superDimension, which it continued developing in Israel. Ishrak also led Medtronic's partnership in the Mind Up digital health technology incubator in Haifa. Ishrak is also scheduled to meet with investors in Israel during his visit. Medtronic previously invested in the Tri Ventures venture capital funds and in Rainbow Investments.

Ishrak previously managed GE's health division, which has extensive business in Israel, and before that worked in an Israeli-owned company named DS-Sonics. Ishraq, a native of Bangladesh, previously declared that one of his missions was developing cheaper products and access programs for less developed countries.

Published by Globes, Israel business news - en.globes.co.il - on December 2, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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 Omar Ishrak Photo: Reuters
Omar Ishrak Photo: Reuters
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