|By PR Newswire||
|December 19, 2012 11:24 AM EST||
LONDON, December 19, 2012 /PRNewswire/ --
Halma, the leading safety, health and environmental technology group, today announces that the acquisition of MicroSurgical Technology, Inc. ("MST") was completed on 18 December 2012.
MST designs, manufactures and markets ophthalmic surgical products, focusing on single-use devices used in cataract surgery. MST is located in Redmond, Washington, USA. The initial cash consideration is $57.0 million (£35.2 million) for the share capital plus $2.0 million (£1.2 million) for cash retained in the business. The combined consideration is adjustable Dollar for Dollar if the level of working capital at closing falls outside an agreed range.
Contingent consideration of up to $43.0 million (£26.5 million) is payable if earnings for the two years to March 2015 exceed pre-determined targets. Audited accounts for the full financial year ended 31 December 2011 show revenue of $20.4 million (£12.6 million). Unaudited accounts for the first nine months of the financial year ended 31 December 2012 show revenue of $17.1 million (£10.6 million).
MST is being acquired from management and several private shareholders. Existing management will remain in place and will continue to operate the business in Redmond. The acquisition, which is expected to be immediately earnings-enhancing, has been funded from Halma's cash and debt facilities.
MST will join Halma's Health and Analysis sector within the Health Optics sub-sector which includes our other market-leading ophthalmic device businesses: Accutome, Keeler, Medicel, Riester and Volk.
Andrew Williams, Halma's Chief Executive, commented:
"The acquisition of MST continues our strategy of focusing on critical products in niche markets with strong growth drivers, expanding our surgical product offering in ophthalmology. The international presence of our other ophthalmic product businesses offers exciting growth opportunities for MST under Halma's ownership."
- Exchange rate used: US$1.62/£1.
- MST is an ophthalmic surgical device business focused on innovations for cataract surgery. A physician founded the company in 1976 and growth accelerated following a management buy-out in 2007. MST's work with key opinion leading ophthalmic surgeons led to the development and marketing of the Malyugin Ring®, which is recognized as the product of choice by US Ophthalmic surgeons for mechanical dilation of the pupil/iris during difficult or complex cataract surgeries. MST's other market leading products include the Ahmed Micro-Set, Barrett Irrigation/Aspirator, MST Capsule Retractors, Dewey Radius and Packard Phacoemulsification Tips and Packer/Chang IOL Cutters.
Cataracts are the leading cause of blindness worldwide and cataract surgery is growing rapidly now that replacing a diseased lens with a new artificial lens can restore sight. Another Halma company, Medicel, manufactures devices used to remove the old lens and insert the new one.
An increasing number of cataract surgeries are classified as complex, typically when drugs used to dilate the pupil do not work due to interference from other patient medication. In these cases, mechanical dilation of the pupil is necessary to conduct the lens replacement surgery and the Malyugin Ring replaces traditional methods which can damage surrounding tissue.
MST controls the IP for the Malyugin Ring through manufacturing and process know-how together with US, European and international patents (some of which are pending).
- Halma buys successful businesses in safety, health and environmental markets and helps them grow further through investment targeted towards increasing innovation, management development and international expansion. In the past 10 years Halma has spent over £350m acquiring more than 25 businesses with deal sizes ranging from £70m down to below £1m. Although businesses have been acquired in all areas of our activity, the majority of recent acquisitions has been in the Health & Analysis Sector.
- This statement is not intended to constitute a profit forecast for the current financial period or for any future period. In addition, this statement should not be taken to mean that the earnings per share of Halma will necessarily match or exceed the historic reported earnings per share of Halma.
Malyugin Ring® is a registered trademark of MicroSurgical Technology, Inc.
For further information, please contact:
Andrew Williams, Chief Executive
Kevin Thompson, Finance Director
Rachel Hirst / Andrew Jaques
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 8, 2016 05:00 AM EST Reads: 2,158
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Dec. 8, 2016 04:30 AM EST Reads: 722
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 04:15 AM EST Reads: 927
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Dec. 8, 2016 04:00 AM EST Reads: 3,792
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Dec. 8, 2016 04:00 AM EST Reads: 4,812
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 04:00 AM EST Reads: 1,029
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 8, 2016 02:45 AM EST Reads: 1,296
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 02:30 AM EST Reads: 1,115
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Dec. 8, 2016 01:45 AM EST Reads: 1,407
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 8, 2016 01:30 AM EST Reads: 1,922
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 8, 2016 01:00 AM EST Reads: 3,956
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 8, 2016 12:30 AM EST Reads: 1,123
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 8, 2016 12:15 AM EST Reads: 1,347
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 7, 2016 10:30 PM EST Reads: 875
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 10:00 PM EST Reads: 1,196