Australia-based medical devices company Uscom has entered into an agreement to acquire New Zealand-based Pulsecor by offering five million fully paid ordinary Uscom shares.
Under the terms of the agreement, Uscom will acquire all Pulsecor technology, products and 34 global patents and patent applications related to measurement and monitoring of blood pressure.
Though the value of the agreement is not known, Pulsecor said that it was valued at $2.34m (NZ$2.9m) at its last capital raising in May 2011.
Pulsecor develops non-invasive and non-intrusive cardiovascular assessment devices. Its BP Plus provides measurements of Central Blood Pressure which can be used to detect early cardiovascular disease and improve management of hypertension.
Uscom executive chairman Rob Phillips said, "We believe this acquisition will change the cardiovascular medical device market and is anticipated to provide immediate access to revenue for Uscom as we feed the BP Plus into our developing global distribution channels."
The agreement is conditional on completion of satisfactory due diligence by Uscom.
K&L Gates (Australia) and BDO have advised Uscom in the transaction, which will be the first international corporate acquisition by the company.