Vital Images completes acquisition of HInnovation

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Medical imaging software company Vital Images Inc. has completed its acquisition of HInnovation Inc.

The Milwaukee-based firm provides iConnection software designed to allow physicians to use PCs or notebook computers to access 2D, 3D and 4D medical imaging applications securely over the Internet. Vital Images plans to begin selling iConnection during the second quarter.

The transaction includes a $12 million initial payment to HInnovation, consisting of $6 million in stock and $6 million in cash, as well as $6 million in contingent milestone payments ($3 million in stock and $3 million in cash). The contingent payments are tied to achievements in revenue generation, product development and intellectual property.

The companies announced its definitive agreement in early January.