Merge completes Confirma purchase
Merge Healthcare has completed its acquisition of Confirma, a developer of computer-aided detection (CAD) applications for MRI.
As part of the transaction the Milwaukee-based Merge issued approximately 5.4 million shares of Merge’s common stock to Confirma, valued at about $22 million. In addition, Merge will add approximately $2 million to Confirma’s existing cash balance to retire outstanding debt and fund transaction-related costs. Confirma shareholders approved the merger on Aug.28.
The Seattle-based Confirma will be renamed Merge CAD and operate as a business unit of Merge led by Paul Budak, a four-year Confirma veteran who most recently served as the vice president of research of development and operations. Prior to joining Confirma, Budak started and managed several technology companies in the Seattle area, according to Merge.
As part of the transaction the Milwaukee-based Merge issued approximately 5.4 million shares of Merge’s common stock to Confirma, valued at about $22 million. In addition, Merge will add approximately $2 million to Confirma’s existing cash balance to retire outstanding debt and fund transaction-related costs. Confirma shareholders approved the merger on Aug.28.
The Seattle-based Confirma will be renamed Merge CAD and operate as a business unit of Merge led by Paul Budak, a four-year Confirma veteran who most recently served as the vice president of research of development and operations. Prior to joining Confirma, Budak started and managed several technology companies in the Seattle area, according to Merge.