Orbotech, an Israeli company listed on the Nasdaq, has acquired Danish Diagnostic Development (DDD) from Axcel, Denmark's largest equity fund, for USD 39 m plus an additional sum of approx. USD 6.5 m based on DDD's performance during 2007 and 2008. DDD develops and manufactures nuclear medicine gamma cameras for privately practising cardiologists and for hospitals. The cameras are used for scanning patients with cancer, cardiac or renal disease.
Mr. Rani Cohen, CEO of Orbotech says: "This acquisition is an important step in our strategy for growth and diversification into medical imaging as an original equipment manufacturer of highly innovative technologies. DDD is an exceptional company with highly talented employees, world-class know-how and products whose outstanding caliber is recognised by the largest players in the industry. The acquisition also presents an opportunity for Orbotech to leverage its strong operational capabilities and resources."
Jesper Roested, managing director of DDD, will continue to head the company together with the other management team. "I am convinced that Orbotech is the right new owner of Danish Diagnostic Development. We will become part of a strong technology company and our operational and strategic foundation will be further strengthened," says Roested.
DDD was established in 1987 by Kai Lange, the former general manager of the nuclear medical division of General Electric (GE). The company is the world's leading manufacturer of dedicated nuclear cardiac cameras, with a market share of more than 50%. Over the years, DDD has teamed with GE, ADAC, Marconi, Philips and Siemens Medical Solutions, USA.
The news was reported by financial daily newspaper Børsen and on Orbotech's website.