Philips adds Traxtal to healthcare unit.
In other buyout news, Netherlands-based Royal Philips Electronics acquired Toronto, Canada-based Traxtal Inc., a medical technology company in the field of minimally invasive instruments and software for image-guided intervention and therapy.
The purchase is a move to grow Philips' healthcare business. The company's product line includes imaging systems, diagnostics, resuscitation resuscitation /re·sus·ci·ta·tion/ (-sus?i-ta´shun) restoration to life of one apparently dead.
cardiopulmonary resuscitation devices such as external defibrillators, radiation, healthcare informatics Same as information technology and information systems. The term is more widely used in Europe. and patient monitoring. The worldwide market for image-guided systems is expected to grow to $600 million by 2015, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
Financial terms of the deal, announced in early May, were not disclosed. Privately held Traxtal has approximately 45 employees. The company has been in partnership with Philips to provide integrated soft tissue therapeutic and diagnostic navigation solutions since 2006.
Traxtal's navigation device functions much like a global positioning system Global Positioning System: see navigation satellite.
Global Positioning System (GPS)
Precise satellite-based navigation and location system originally developed for U.S. military use. for medical instruments, designed to make interventional radiology interventional radiology Imaging A subspecialty of radiology that provides Diagnostic information–eg, CT-guided 'skinny' needle biopsies and dye injection for analysis of various lumina and tracts–eg, arteriography, cholangiography, antegrade procedures more accurate while reducing contrast, radiation dose and interventional time. For example, Traxtal's navigation solution displays, during the procedure, an instrument's position, orientation and trajectory on medical images such as ultrasound or CT.
"Image-guided procedures are one of the most important breakthroughs in the healthcare industry in decades. This acquisition allows Philips to significantly enhance its abilities in this rapidly emerging field, and will help us further realize our ambition to offer the best quality of care in the most efficient way possible," said Steve Rusckowski, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Philips' Healthcare division.
Rusckowski added that the purchase "opens up great opportunities" for the company to expand its product line.
Since 2005, Philips has spent more than $13.3 billion on acquisitions to bolster its medical and lighting units. Philips expects the global market for image-guided navigation to reach $600 million by 2015.
Philips' imaging systems business competes with industry powerhouses such as General Electric and Munich, Germany-based Siemens AG Siemens AG
German electrical-equipment manufacturer. The first Siemens company, Siemens & Halske, was founded in Berlin in 1847 to build telegraph installations. .