VeriChip Signs Novation Contract, Announces Acquisition
June 23rd, 2005 | Published in Company Profiles, Patient Safety
GPO Novation has signed a deal with VeriChip, a subsidiary of Applied Digital,
to offer VeriChip RFID solutions to members at a discount. VeriChip
provides asset and patient tracking using Assetrac, HALO, and
RoamAlert.
In other news, VeriChip acquired Instantel, a privately held Canadian RFID company. Through their subsidiary Xmark,
Instantel sells asset and patient tracking. Instantel's focus is
vibration monitoring (blast, construction, tunnel, pile driving and
other sources of vibration). VeriChip paid $22 million plus up to $3
million in some combo of cash, VeriChip stock and Applied Digital
stock. VeriChip CEO Kevin McLaughlin said,
R&D and management team, combined with an extensive dealer channel
focused on the healthcare market. With the addition of eXI Wireless and
now Instantel, VeriChip has acquired a substantial base of revenue, an
important distribution network and cutting-edge RFID products for
safety and security in healthcare environments. We continue to take
aggressivemeasures to position VeriChip as a leader in RFID for people.”
Investement bankers take note; it looks like Applied Digital is
building an RFID powerhouse based on acquisitions. Let's hope product
integration can keep up.
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