The acquisition will further strengthen Philips’ cardiac monitoring and diagnostics offering with advanced software technology and services
Royal Philips has agreed to acquire French medical technology company Cardiologs to expand its cardiac diagnostics and monitoring portfolio for an undisclosed sum.
As part of the acquisition, a team of 70 Cardiologs employees, predominantly software engineers and data scientists specialised in AI and deep learning algorithms will join Philips.
Philips said that the deal will add real-time patient monitoring, therapeutic devices, telehealth and informatics to its existing portfolio of cardiac care solutions.
The transaction is expected to be completed in a few months, subject to customary closing conditions.
Royal Philips connected care chief business leader Roy Jakobs said: “Offering superb clinical insights, as well as automated clinical reporting, Cardiologs’ medical-grade AI technology and data scientists will be a strong addition to our growing portfolio of cardiac solutions for hospital and ambulatory settings.
“Philips’ global footprint can accelerate the availability of Cardiologs’ technology to patients all over the world and further deliver on the quadruple aim of an improved patient care experience, better health outcomes, improved staff experience, and lower cost of care.”
The acquisition will complement Philips’ ambulatory cardiac diagnostics and monitoring solutions added through the recent purchase of cardiac diagnostics firm BioTelemetry.
Also, it will further strengthen its cardiac monitoring and diagnostics offering with advanced software technology, ECG analysis and reporting services, powered by machine learning.
Cardiologs has developed its technology using more than 20 million ECG recordings and several clinical publications and has received the CE mark and FDA approval.
Cardiologs co-founder and CEO Yann Fleureau said: “We are delighted to become part of Philips and continue innovating together to provide solutions that empower clinicians all around the world.
“We look forward to the opportunity to expand the business as part of Philips, maintaining vendor neutrality and continuing to work with third-party vendors to drive further adoption of digital health solutions globally.”
In a separate development, Philips has announced the results of new data analysis on the outcomes of peripheral vascular interventions guided by intravascular ultrasound (IVUS).
The analysis of the real-world data from Centres for Medicare & Medicaid Services (CMS) showed that IVUS is linked to improved health outcomes.