Joseph H. Capper, president and CEO of BioTelemetry, commented: “We are extremely excited about the combination of these two market-leading, technology-enabled service providers. Just as we revolutionized remote cardiac outpatient monitoring, with our MCOT service and platform, Geneva is transforming the way physician offices consolidate and manage the monitoring of implantable cardiac devices. We believe the enhanced offering this merger creates will provide tremendous benefit to the thousands of clients we serve and will further solidify our leadership position in remote cardiac monitoring.”
Yuri Sudhakar, CEO of Geneva added, “We are excited to join forces with a company that has established sustained success as a healthcare service provider in the same market that we serve. Cardiology providers are looking for strategic solutions to improve patient care and workflow. We provide these solutions by leveraging technology to deliver better patient care and a better patient experience. We think this powerful combination of complimentary tech-enabled services provides Geneva the necessary resources to significantly expand our reach in the over $1.0 billion domestic implantable cardiac device monitoring market, delivering the much-needed benefits of our technology and service to cardiac practices, physicians and patients.”
In 2018, their first full year of commercialization, Geneva generated approximately $6 million of revenue and reached profitability by year end.
BioTelemetry will acquire Geneva for upfront consideration of $45.0 million in cash with additional performance-based earn-out consideration of no less than $20.0 million. Pursuant to the agreement, Geneva shareholders may elect to receive the earn-out payment in cash, stock or some combination of cash and stock. BioTelemetry will fund the transaction with either cash on hand, debt or equity or some combination thereof. The transaction, which has been approved by both Boards of Directors, is expected to close in the first quarter of 2019 and is subject to customary closing conditions, including the approval of Geneva’s securityholders representing at least 90 percent of the company’s issued and outstanding equity securities.