Philips to acquire Cardiologs, developer of AI-based cardiac diagnostic technology
Royal Philips (NYSE: PHG) announced today that it has signed an agreement to acquire Cardiologs and its artificial intelligence (AI) -based technology.
Amsterdam-based Philips said in a press release that France-based Cardiologs and its artificial intelligence and cloud technology will further strengthen its cardiac monitoring and diagnostic offerings with innovative software, analysis services and electrocardiogram (ECG) report.
Financial terms of the transaction were not disclosed. The companies expect the transaction to close in the coming months, subject to customary closing conditions.
Cardiologs’ offerings include a vendor-independent cardiac disorder screener and ECG analysis applications based on machine learning algorithms. The company designed its technology to speed diagnostic reporting, reduce reporting errors, and streamline clinician workflow and patient care. Its technology holds CE mark and FDA clearance for the detection of cardiac arrhythmias.
“Offering superb clinical insights, along with automated clinical reports, Cardiologs medical grade AI technology and data scientists will be an important addition to our growing portfolio of cardiac solutions for hospitals and outpatient facilities,” Philips Chief Business Leader for Connected Care Roy Jakobs noted in the output.
“Philips’ global footprint can accelerate the availability of Cardiologs technology to patients around the world and achieve the quadruple goal of a better patient care experience, better health outcomes, a better patient experience. personnel and a lower cost of care. “
Cardiologs, founded in 2014, currently has around 70 employees, mostly software engineers and data scientists, who will join Philips and expand its AI-driven innovation activities with its R&D lab in Paris.