Dental imaging device developer Cadent Holdings Inc. has been acquired by Align Technologies Inc. (Nasdaq; ALGN) for $190 million in cash. Based in Carlstadt, New Jersey, and with an R&D center in Or Yehuda, Cadent provides 3D digital scanning solutions for orthodontics and dentistry
Align estimates that the acquisition of Cadent will reduce its GAAP-based earnings per share in fiscal 2011, and that its non-GAAP earnings per share will be $0.70-0.75, excluding acquisition related costs. Align expects the acquisition to contribute to its net profit in fiscal 2012.
Cadent and Align signed a cooperation agreement on January 2 to jointly develop Align's Invisalign software applications that will run on Cadent scanners.
Cadent has raised $75 million since its was founded in 1995. Investors include Apax Partners, Pitango Venture Capital, Star Ventures, Goldman Sachs, JPMorgan, SV Life Sciences, and Fortissimo Capital, which led a $15 million financing round with a $10 million investment in August 2009. Fortissimo will receive $30 million on its stake in Cadent.
Cadent develops products and services for restorative dentistry and orthodontics, including intra-oral scanners. Current treatment involves the use of plaster molds. Cadent's CAD/CAM scanners enable precise adjustments of bridges, implants, and false teeth. Its products can also show how the mouth will look after the restorative dentistry or implant.
Cadent's Or Yehuda R&D center employs 70 of the company's 250 employees.
Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2011
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