By Adria Calatayud

 

Koninklijke Philips NV said Tuesday that it has agreed to buy Capsule Technologies, Inc. for $635 million in cash, in a deal that expands the group's patient-care-management offering.

Andover, Massachusetts-based Capsule is a provider of medical-device integration and data technologies for hospitals and healthcare organizations, Philips said. The company was founded in 1997, employs around 300 people and generated sales of around $100 million last year.

The Dutch medical-technology company said the acquisition is a strong fit with its strategy, as Capsule's Medical Device Information Platform will add to the group's portfolio of patient-care services for hospitals and remote care.

Philips said the acquisition will add to its sales growth and adjusted earnings before interest, taxes and amortization margin in 2021.

The deal is expected to close in the first quarter of 2021, subject to certain closing conditions, Philips said.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

January 19, 2021 02:30 ET (07:30 GMT)

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