Covington Associates Completes the Sale of Visualization Technology, Inc.
to GE Medical Systems, a unit of General Electric Company
Boston, MA — April 8, 2002 — Covington Associates, seasoned M & A advisors to technology and healthcare, today announced the sale of its client, Visualization Technology, Inc. (“VTI”), to GE Medical Systems, a unit of General Electric Company (“GE”). VTI’s InstaTrak® systems use electromagnetic (EM) tracking to enable minimally-invasive surgery without the restrictions of traditional image-guided surgery (IGS) systems. The patented EM technology, no longer restricted by line-of-sight issues, allows for continuous navigation during a surgery procedure, regardless of the patient’s position or the placement of surgical instruments. The terms of the transaction were not disclosed.
A result of an alliance beginning in 2000, VTI and GE have developed the OEC FluoroTrak™ 9800, an integrated surgery imaging solution leveraging VTI’s orthopedic and spine fluoro navigation applications within GE’s patented 1K x 1K imaging technology. FluoroTrak 9800 is expected to be available this summer.
VTI is backed by Ascent Venture Partners and Rosse Enterprises.
Speaking on behalf of Covington Associates, Ben Dunn, partner in the firm, said: “Combining two companies already allied as strategic business partners is always satisfying, especially in the case of VTI and GE, where the combined technology goes far beyond what is currently available.”
According to Maurice R. Ferre, M.D., President of VTI, “Our expertise in electromagnetic image guidance and visualization combined with the resources of GE Medical Systems will bring great value to our customers, employees, suppliers and patients.”
About Visualization Technology, Inc.
VTI is based in Lawrence, MA, and employs approximately 100 people. Established in 1993, VTI is a privately-held manufacturer of intraoperative systems and related products for use in image-guided surgery within the specialties of EMT, Cranial, Spine, and Orthopedics.
About Covington Associates
Covington Associates are seasoned M & A advisors to technology and healthcare. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since 1991, the firm has successfully completed over 50 transactions ranging in size from $10 million to over $1 billion in e-services, software, IT services, and healthcare technologies. To learn more about Covington Associates, visitwww.covingtonassociates.com.