Covington Associates Advises Sensant Corporation in its sale to Siemens AG
Boston, MA June 16, 2005 Covington Associates LLC announced today that it acted as the exclusive sell-side advisor to Sensant Corporation (Sensant) in its sale to Siemens Medical Solutions, a division of Siemens AG (NYSE: SI). The terms of the transaction were not disclosed.
Sensant Corporation, based in San Leandro, California, is leading the development of Silicon Ultrasound™ diagnostic imaging technology, a silicon-based transducer technology for improved 2D and 3D ultrasound imaging. Siemens will begin using this innovative technology to develop more advanced ultrasound technology, and commercialize next-generation transducers used in a wide range of applications; including improved manufacturing processes and higher image resolution, allowing clinicians to examine the next level of microscopic detail within conventional ultrasound images. Siemens expects the technology to be available commercially within the next two to three years.
According to Dr. Igal Laudabaum, CEO of Sensant Corporation, "Covington Associates worked closely with us to find a company who is an excellent strategic fit with Sensant's patented ultrasound technology. Partnering with Siemens will accelerate the development of our Silicon Ultrasound™ technology, as well as making it cost-effective for commercial applications."
Ben Dunn, a Managing Director at Covington Associates and lead advisor to Sensant Corporation on the transaction, was quoted as saying "Sensant represents the next-generation of ultrasound technology that will significantly enhance the utility of ultrasound in the medical imaging arena. The partnership will further solidify Siemens' position as a leader in ultrasound medical imaging."
About Sensant Corporation
Founded in 1998, Sensant Corp's proprietary technology, Silicon Ultrasound uses micro electro-mechanical systems or MEMS technology to provide a revolutionary platform for advanced medical imaging systems. Silicon Ultrasound provides improved 2D imaging and is the enabling technology for future innovations in ultrasound such as real-time true volumetric imaging and improved visualization of tumors using ultrasound contrast agents. To learn more about Sensant, visit www.sensant.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.