US connected care medical technology company Hillrom announced today that it has acquired contact-free continuous monitoring technology from Israeli company EarlySense for $30 million, potential milestone payments, and a portion of Hillrom's equity investment in EarlySense.
EarlySense will receive licensing for all intellectual property and technology sold to Hillrom for use outside the hospital, as well as a cash consideration of $30 million, potential payments based on the achievement of certain commercial milestones, and a portion of Hillrom’s equity investment in EarlySense, Globes reports.
EarlySense CEO Matt Johnson said, "We set out to save lives and improve care by implementing AI-based contact-free patient monitoring in healthcare facilities across the globe. We made great progress by becoming the standard of care in Hillrom’s flagship Centrella Smart+ hospital bed. Our technology has already monitored more than one million patients and helped clinicians save tens of thousands of lives, and we expect to accelerate this significant impact as a result of this technology sale to Hillrom."
He added, "The Covid-19 pandemic has created historic opportunities for smart health technologies outside the hospital, and this transaction will allow us to continue serving our global customer base and apply our clinically proven technology to this high-growth sector. Our more than one hundred million patient-monitored hours uniquely position us to deliver intelligent, predictive, and patented solutions that elevate remote patient care without increasing the risk of harmful infection."
EarlySense technology allows for the continuous monitoring – more than 100 times per minute – of patient heart and respiratory rates without anyone ever touching the patient.
Hillrom President and CEO John Groetelaars said, "EarlySense’s contact-free continuous monitoring technology provides caregivers with a full picture of patient health, allowing for intervention at the earliest signs of patient deterioration," said "We look forward to bringing this critical technology to additional customers around the world as we deliver on our vision of Advancing Connected Care.”
Wells Fargo Securities served as exclusive financial advisor to EarlySense in the deal and Goldfarb & Seligman and Polsinelli served as legal counsel. Hillrom was represented by Advs. Mark Cohen, Hili Rashkovan, Tal Rotman and Maya Lakstein of the Pearl Cohen law firm.