Vital Images Inc. is kicking off the new year with immediate expansion plans.
The 3D imaging company has signed a definitive agreement to acquire HInnovation Inc., which provides software to physicians to use PCs or notebooks to access 2D, 3D and 4D medical imaging applications securely over the Internet.
Vital Images initially would pay $12 million to HInnovation -- $6 million in stock and $6 million in cash -- and $6 million in contingent milestone payments -- $3 million each in stock and cash. The contingent payments would depend on revenue generation, product development and intellectual property.
President and CEO Jay D. Miller said the acquisition would give Vital Images an entry into the distributed medical imaging market. "Acquiring HInnovation and its Web-based, client-server capabilities advances our mission of making Vitrea's sophisticated 3D and 4D imaging capabilities readily available to more physicians, whenever and wherever they need them," Miller added.
HInnovations' iConnection product is a thin-client 2D, 3D, 4D imaging software designed to allow physicians, radiologists and referring physicians to use PCs or notebooks to access the 2D, 3D, 4D imaging applications. Users can view and analyze patient images and consult and collaborate over the Web at any time and in any place.