Philips recently announced that it will purchase Electrical Geodesics, Inc. (EGI). The total value of the deal is estimated to be GBP 29.0 million (approximately $36.9 million). According to its website, EGI designs, develops, and commercializes various non-invasive neurodiagnostic products that monitor and interpret brain activity, such as its dense array electroencephalography (EEG) platform.
This agreement comes on the heels of other recent acquisitions for Philips. Most recently, Philips acquired RespirTech in May 2017. Over the last few years, Philips also added Wellcentive, PathXL, and Volcano.
EGI is based in Eugene, Oregon, and reportedly generated $14.3 million in sales during 2016. According to EGI, the dense array EEG technology collects data on brain activity from more electrodes than traditional EEG products. Philips believes that this technology will complement its existing portfolio of imaging technologies such as MRI and PET-CT, and advanced informatics, such as IntelliSpace Portal.
Speaking about the acquisition, Joe Burnett, Philips Neuro Diagnostics Business Leader, stated:
“By fusing these different tools together, we will create a more comprehensive map of the brain, and unlock new computational algorithms which will help to shorten the path to a definitive diagnosis and guide some of the most complex therapeutic strategies.”
Dr. Don Tucker, CEO and Founder of EGI, also remained optimistic, stating:
“We will now complete the important work that we started 25 years ago, as part of a health technology leader that is known for its commitment to research and innovation. Our goal has always been to put the patient first and we feel this combination to be a perfect match.”
