Amsterdam-based Royal Philips has inked a deal to acquire Cardiologs, a Paris-based medical technology company focused on cardiac diagnostics using artificial intelligence (AI) and cloud technology. The transaction, which is subject to customary closing conditions, is expected to be completed in the coming months. Financial details of the transaction were not disclosed.
According to Philips, Cardiologs will strengthen Philips’ cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis, and reporting services. Philips’ existing portfolio of cardiac care solutions includes real-time patient monitoring, therapeutic devices, telehealth and informatics for the hospital, as well as ambulatory cardiac diagnostics and monitoring solutions, that were added through the recent acquisition of BioTelemetry Inc.
Founded in 2014, Cardiologs offers a vendor-neutral heart disorder screener and ECG analysis applications, based on machine-learning algorithms. Developed in partnership with physicians, Cardiologs’ technology accelerates diagnostic reporting, decreases the occurrence of reporting errors, and streamlines clinician workflow and patient care. CE-marked and cleared by the U.S. FDA for detection of cardiac arrhythmias, Cardiologs’ technology is built on a growing database of more than 20 million ECG recordings and supported by a number of clinical publications.
“Offering superb clinical insights, as well as automated clinical reporting, Cardiologs’ medical-grade AI technology and data scientists will be a strong addition to our growing portfolio of cardiac solutions for hospital and ambulatory settings,” says Roy Jakobs, chief business leader of connected care at Royal Philips. “Philips’ global footprint can accelerate the availability of Cardiologs’ technology to patients all over the world and further deliver on the quadruple aim of an improved patient care experience, better health outcomes, improved staff experience, and lower cost of care.”
Cardiologs’ approximately 70 employees—largely comprising software engineers and data scientists with expertise in AI and deep learning algorithms—will join Philips to expand the company’s AI-focused innovation activities together with the company’s research and development lab in Paris. Philips has a strong presence in France, consisting of research and development activities, as well as sales, marketing, and distribution at multiple sites.
“We are delighted to become part of Philips and continue innovating together to provide solutions that empower clinicians all around the world,” says Yann Fleureau, co-founder and CEO of Cardiologs. “We look forward to the opportunity to expand the business as part of Philips, maintaining vendor neutrality, and continuing to work with third-party vendors to drive further adoption of digital health solutions globally.”