"Home prices driving tech workers overseas"
The company, which develops real-time location systems, is being acquired for $200-250 million.
Stanley Black & Decker Inc. (NYSE: SWK) division Stanley Healthcare Solutions yesterday officially announced the acquisition of AeroScout Inc., a developer of real-time location systems (RTLS) for healthcare and industrial customers. The company did not disclose the size of the deal, but it was reportedly for $200-250 million.
AeroScout CEO Yuval Bar-Gil founded the company in 1999. The company changed its strategy and name in 2004, to refocus on RFID solutions for the enterprise market. The company raised $85 million from Pitango Venture Capital, Evergreen Venture Partners Greylock Partners, Star Ventures, Intel Capital, Menlo Ventures, Cisco Systems Inc. (Nasdaq: CSCO).
AeroScout develops active real-time location services, which is relevant for any industry that needs to locate employees, tools, customers, or equipment immediately. The company basically invented the market, developing more complex technology than the radio frequency transceiver technology. To provide optimal location results, the company combines various communications technologies with short-range Wi-Fi radio frequency signals, and sensors. The company's solution is attached to goods or people, and sends a signal that is received by ordinary wireless access points to find the precise location based on software and equipment that the company supplies.
AeroScout primarily targets the healthcare market. According to IVC, the company had $40 million in sales in 2011. The acquisition came after several large contracts with US hospitals. Stanley Healthcare Solutions will apparently utilize AeroScout, with its 200 employees, to establish an Israeli R&D center around the company.
Stanley Healthcare Solutions president Bert Davis said, “The addition of AeroScout enhances Stanley Healthcare's, industrial and security solutions and represents a significant step forward on our path to become the leading provider of integrated healthcare solutions. Together, we have a true opportunity to provide innovative solutions for our healthcare customers that enhance quality, safety and efficiency of patient care to provide better outcomes.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 6, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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