Cardiff-based MedaPhor Group plc is set to acquire Oxford University spin-out company, Intelligent Ultrasound (IUL).
Intelligent Ultrasound, founded by
The acquisition will allow MedaPhor to expand its existing ultrasound simulator business into the larger ultrasound related software market
The acquisition of IUL is to be satisfied predominantly by the issuance of new ordinary shares at a price of 16.22p each.
The £5.5 million has been raised by the issuance of 44.1 million ordinary shares at a price of 12.5 pence per share.
Stuart Gall, chief executive of MedaPhor, said: "This is a strategic acquisition that will expand our existing ultrasound training simulator business into the larger clinical ultrasound software market.
“Combining Intelligent Ultrasound's exciting deep learning image analysis software with our existing management, R&D and sales networks, will speed up the commercialisation of the IUL products currently in development and we look forward to working with their excellent team to realise this objective."
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