Eastman Kodak Company announced the completion of its acquisition of Algotec Systems Ltd., a developer of advanced picture-archiving and communications systems (PACS) that enable radiology departments to digitally manage and store medical images and information.
Kodak acquired privately held Algotec for U.S. $42.5 million in cash.
Algotec, with 70 employees worldwide, is based in Raanana, Israel, which will remain its principal location.
Kodak and Algotec say they have had a close relationship since May 2002. At that time, the two companies signed an agreement under which Algotec began providing supplemental software for the development of Kodak's PACS products. Algotec, now a wholly owned Kodak subsidiary, will continue to support development of these products for Kodak's Health Imaging Group.
The KODAK DIRECTVIEW PACS System 5, currently rolling out in the market, is the result of the companies' collaboration.
Kodak's Health Imaging Group makes intelligent imaging products for the medical industry, including computed radiography (CR) and digital radiography (DR) systems, laser imagers, PACS, radiology information systems (RIS), traditional mammography and x-ray film systems, dental imaging products, and various services offerings. The group reported 2002 revenues of $2.27 billion.
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