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Bothell medical device maker part of $356 million buyout
Verathon, a 25-year-old Bothell medical device maker founded by electrical engineer and Vietnam veteran Gerald McMorrow, has been sold as part of what appears to be a blockbuster, multi-million dollar deal. Sarasota, Florida-based Roper Industries -- which describes itself as a "diversified growth company" -- on Friday said it was buying Verathon as well as traffic software and hardware company United Toll Services for a combined $356 million.
Roper, which is publicly-traded on the New York Stock Exchange, did not separate the purchase price for the two entities. But a source tells TechFlash that Verathon sold for $300 million, making it one of the larger buyouts in the high-tech industry in the region so far this year.
Verathon -- which makes the BladderScanner, GlideScope and AortaScan devices -- has built a substantial business over the past 25 years. Consistently named to the Deloitte Fast 50 list, the company notes on its Web site that it has more than 400 employees.
In a press release, Roper said that the two deals would add $140 million in revenue and $38 million in profit. It also said that the existing leadership teams at both companies are expected to remain in place once the deal closes next month.
Roper reported sales of $486 million last quarter.
Founded in 1984 under the name Diagnostic Ultrasound, the company released its BladderScanner product in 1989. It changed its name to Verathon in 2006 after buying Saturn Biomedical of Vancouver, B.C.
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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