Varian Medical (VAR) Acquires Assets of IKOEmed and IKOEtech for ~$2.2M
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Varian Medical Systems, Inc., (NYSE: VAR) today announced it has acquired the assets of Houston-based IKOEmed and IKOEtech, privately-owned suppliers of software used in the planning of radiotherapy and radiosurgery treatments. The acquisition enables Varian to offer hospitals and clinics an additional software tool to automate and accelerate the most time-consuming portion of the treatment planning process. Varian is paying approximately $2.2 million plus an additional amount based on achievement of specified milestones to acquire the IKOE assets.
The software is designed to achieve greater than 50 percent reduction in the contouring portion of the radiotherapy treatment planning process, which typically takes anywhere from 30 minutes to 4 hours. It automates the contouring process by matching patient images with pre-contoured images from an expert database created by renowned radiation oncologists. This eliminates the need for clinicians to manually outline between 10 and 20 organs in each of anywhere from 100 to 200 images of a patient's disease site.
Varian will sell the software initially in the U.S. as a standalone product that will work with most radiotherapy treatment planning software products in the industry. The company plans to integrate it with its global market leading Eclipse(TM) treatment planning software for radiotherapy, radiosurgery, and brachytherapy.
Varian anticipates the acquisition be neutral to earnings for the company in the current fiscal year and accretive thereafter. "We expect that our worldwide sales, service, and support network will contribute to faster and deeper market penetration for these software products," Guertin said. The IKOE software is now installed in about 20 sites, primarily in the U.S.
Four IKOE employees and consultants are being offered jobs with Varian to support the product at Varian facilities in the U.S.
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