The medical device manufacturer, Boston Scientific, recently announced it will be acquiring Twin Cities based Preventice Solutions. Preventice Solutions is a health technology company focused on mobile health and remote monitoring products. Remote patient monitoring helps physicians keep track of patient health data outside of the traditional clinical setting. This helps caregivers catch concerns earlier and helps prevent more serious problems down the line.
A Minneapolis/St. Paul Business Journal article noted that Preventice grew its revenue by 30% in 2020 to $158 million as remote monitoring devices continue to grow in popularity. The acquisition is reported to consist of $925 million in cash plus and additional earn-out based on future growth. A Senior Vice President from Boston Scientific, Scott Olson, was quoted saying, "This acquisition will provide Boston Scientific with a foothold in the high-growth ambulatory electrocardiography space, which strongly complements our recent entrance into the implantable cardiac monitor market and will serve as an important component of our category leadership strategy in cardiac diagnostics and services – a nearly $2B market anticipated to grow double digits annually."
Quazar Capital was not involved in the transaction.
Read the full article here: https://www.bizjournals.com/twincities/news/2021/01/21/boston-scientific-buying-preventice.html
