Foresight Group (Foresight) is delighted to announce, on behalf of the Board of Foresight 3 VCT plc (F3), that it has completed the successful sale of Southampton based OrthoView Holdings Limited (the Company) to Materialise NV (Materialise). Materialise has acquired OrthoView for £8.47 million in cash.
OrthoView software is used by surgeons worldwide to pre-operatively plan orthopaedic surgeries. The OrthoView solution enables digital x-ray images to be scaled to size and provides a comprehensive online library of over 160,000 digital orthopaedic prosthesis templates.
Foresight 3 VCT plc first invested in OrthoView (then Meridian Technique Limited) in 2003, at an early stage in the Company’s development. Over the years, OrthoView has developed partnerships with many of the major healthcare IT suppliers, including GE Healthcare, Philips, Agfa and Mckesson. OrthoView has become the world leader in its sector, serving more than 10,000 surgeons across the UK, USA, Europe and numerous other geographies.
Materialise is a leading provider of additive manufacturing software and of sophisticated 3D printing solutions in the medical and industrial markets. The transaction combines the foremost business in the templating of x-ray images with Materialise’s market-leading position in 3D pre-operative planning tools to provide surgeons and hospitals a one-stop shop for surgical planning software tools and corresponding 3D printed medical devices.
At 30 June 2014, F3’s valuation of its shareholding in OrthoView was £896,514. Under the terms of the sale to Materialise, F3’s initial consideration from the sale is c.£1.12m, with a further £234k of consideration placed in escrow in support of warranties, to be released to F3 in two tranches over 24 months.
James Livingston, Director of Foresight and OrthoView (until completion) commented "We are delighted to have supported OrthoView on its journey to become the global leader in its target market. The management team has continually developed the product range to maintain its technical leadership whilst also developing partnerships with some of the world’s largest healthcare IT businesses, allowing OrthoView to scale worldwide. We are confident the strong synergies with Materialise will allow OrthoView to flourish in the next phase of its development.”
John Chambers, CEO of OrthoView says, "Our journey from technical innovator to global player has been thanks, in no small part, to the continued support of James and Foresight. At each stage Foresight has worked closely with us, from supporting international expansion to introducing the right advisory team to optimise the eventual exit. We look forward to the future with Materialise, our team can now further expand the solutions we offer to surgeons worldwide.”
For further information, please contact:
Ben Thompson: firstname.lastname@example.org / +44 (0)20 3667 8155
Notes to editors:
Foresight Group has been managing investment funds on behalf of institutions and retail clients for 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has in excess of £1.2 billion Assets Under Management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprising eleven investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
With its headquarters in Leuven, Belgium, and branches worldwide, Materialise is a provider of Additive Manufacturing (AM) software solutions and sophisticated 3D printing services in a wide variety of industries, including healthcare, automotive, aerospace, art and design and consumer products.
Materialise has been playing an active role in the field of AM since 1990, through its involvement in AM for industrial and medical applications, by providing biomedical and clinical solutions such as medical image processing and surgical simulations and by developing unique solutions for its customers' prototyping, production, and medical needs.
For additional information, please visit: www.materialise.com.
OrthoView is the pre-operative planning solution used in more than 60 countries worldwide by an estimated 11,000 orthopaedic surgeons. The solution provides an easy to use method of planning and templating with digital x-ray images, incorporating specialist on-screen measuring tools and patented wizards. The OrthoView digital prosthesis template library provides a comprehensive range of digital templates, developed in partnership with over 60 orthopaedic implant manufacturers.
OrthoView offers pre-operative planning and templating for joint replacement surgery and fracture management, as well as specialist tools for paediatric assessment, limb deformity correction and spinal measurements.
For more information, visit www.orthoview.com