March 6, 2012 — Varian Medical Systems Inc. announced it has reached an agreement to acquire InfiMed Inc., a privately owned supplier of workstations including hardware and software for processing diagnostic X-ray images.
The acquisition, which is expected to close in early April subject to the satisfaction of closing conditions, will operate within Varian's X-ray products segment. The agreement provides that Varian will pay approximately $15 million for InfiMed plus earnouts based on sales of InfiMed products achieved over the next 24 months. Varian expects that the acquisition will be about neutral to earnings per diluted share in fiscal 2012.
"The addition of InfiMed will enable Varian to better serve its X-ray customers as a one-stop shop for X-ray tubes, flat panel image detectors, and workstations, said Robert Kluge, president of Varian's X-ray products business. "InfiMed's products and know-how will enable us to provide more fully integrated X-ray component solutions to our customers. This could provide our customers with easier more seamless integration of Varian components into their systems and help users achieve improved performance in their imaging systems. We also hope to enable equipment developers to reduce time to market and access niche markets that might otherwise be out of reach."
"This is an exciting development for our business and our employees," said Amy Ryan, president of InfiMed. "By joining with Varian, we will be able to offer our leading technology in digital image processing to more customers around the world. The combination of Varian and InfiMed creates a powerful force for further advancements in X-ray imaging."
Founded in 1983, InfiMed generates some $15 million in annual revenues by developing and supplying X-ray equipment manufacturers around the globe with specialized software and hardware for medical imaging applications, including radiography and fluoroscopy, digital radiography, cardiology and angiography. The company has about 60 employees working in facilities near Syracuse, N.Y.
For more information: www.varian.com