Hearing implant company, Cochlear (ASX:COH), has acquired Sycle LLC, the world’s largest provider of audiology practice management software.
Sycle’s software is used by over 7,000 clinics with over 20,000 hearing professionals in the US, UK and Canada. According to Cochlear, Sycle has achieved 70% market share in the US market.
Cochlear says this is a strategic investment and that the estimated purchase price will be US$78 million.
The amount comprises $US56 million in cash, with the remaining US$22 million being paid over three years based on business performance.
This morning, Cochlear shares are tracking 0.1% higher at $148.65.