October 19, 2010 – Opto Circuits, an Indian company that designs, develops manufactures and markets healthcare equipment and interventional products, will acquire Cardiac Science. Cardiac Science manufactures ECG and stress test systems.
"We believe this transaction provides excellent value to our shareholders and expanded opportunity for our customers, employees, and partners," said Dave Marver, Cardiac Science president and CEO. "Our business will benefit greatly from Opto Circuits' financial resources, operational capabilities and global scale."
"We are delighted to expand our presence in noninvasive diagnostic monitoring through this acquisition and are excited to enter the high-growth automated external defibrillation market," said Vinod Ramnani, Opto Circuits chairman and managing director. "Cardiac Science has a strong reputation for innovative, high-quality products and services. This transaction is expected to open many new global markets for Cardiac Science's products and will greatly enhance Opto Circuits' product offering and presence in the United States."
Piper Jaffray acted as financial advisor to Cardiac Science and delivered a fairness opinion to Cardiac Science's board of directors.
For more information: www.cardiacscience.com