LONDON (ShareCast) - (ShareCast News) - Welsh ultrasound software and simulation company Medaphor announced on Friday that it had completed the previously announced acquisition of Oxford-based firm Intelligent Ultrasound (IUL) after its admission of 57,477,285 new ordinary shares raised £5.5m.
Medaphor said it had agreed to acquire Intelligent Ultrasound for a total consideration of as much as £3.6m.

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," he added.

According to Medaphor, IUL posted a net loss of £647,763 for the year ended September 30, 2016, and cumulative retained losses of £2.1 million for the same year.

Intelligent Ultrasounds develop augmented reality and deep-learning based algorithms to make ultrasound machines smarter and more accessible.

As of 1115 BST, Medaphor shares had slipped 6.67% to 14.00p.

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