by Gail Kalinoski
, Contributing Reporter | April 14, 2016
Saying their combined company will “bring advanced medical image management solutions to customers across five continents,” Mach7 Technologies and 3D Medical have completed a $60 million merger.
The company is now known as Mach7 Technologies Ltd. and will be headquartered in Melbourne, Australia, and trade on the Australian Stock Exchange under the symbol M7T. Mach7 Technologies, which has locations in Australia, Asia, the Middle East and the United States, will maintain its Burlington, Vt., headquarters for product development, professional services, sales and marketing. The combined company plans to expand sales throughout Australia, New Zealand and Western Europe.
Mach7 Technologies is a global provider of enterprise image management systems for health care sites, including many of the world’s leading teaching hospitals, research institutions and integrated health care delivery networks, like Penn Medicine (University of Pennsylvania Health System) and Massachusetts General Hospital.
3D Medical, which is now a wholly-owned subsidiary of Mach7 Technologies, is a pioneer in medical 3-D printing.
The two companies had been working together before the merger agreement, which was announced in late October. 3DM was the exclusive reseller of the Mach7 image management solutions for hospitals and radiology clinics in Australia and New Zealand.
Shareholders of both companies agreed to the merger March 31. Albert Liong was appointed managing director and CEO. Jenni Pilcher was named global CFO and CEO of Australia operations and Ken Poutakidis was appointed non-executive chairman.
“We’ve long admired Mach7’s global success,” Pilcher said in a prepared statement. “The combined strength of our two organizations will enhance our ability to serve a large health care market with groundbreaking medical technology applications for improved patient care.”
Liong said the “commitment to customer-driven design remains the core of our culture and the soul of our business philosophy. We are a company born of innovation and growing through extraordinary collaboration to bring advanced enterprise data management and medical solutions to our expanding network of customers, health care communities and globally connected health care ecosystems.”
The merger gives Mach7 access to international capital markets while allowing both companies to retain their respective workforces in engineering, customer sales, support, marketing and service relationships. When the agreement was announced in October, Dr. Nigel Finch, chairman of 3DM, stated the transaction would “drive earnings and transform the combined entity into a global operation, allowing significant opportunities to scale 3DM’s value-adding data activities to leading health care institutions globally.”
that the merger is a perfect blend.
“On their own, 3D Medical was known for 3-D printing patient-specific models of bones and organs for a wide range of doctors and surgeons, while Mach7 has been in the business of supplying medical imaging data,” according to the 3D printing technology website.
Finch said in an Australian Financial Review interview
that the merger would also provide 3DM with a “seamless supply of medical image data.”
“We can’t do anything without an image, and Mach7 Gives us that image,” he told the Australian news site.