Indianapolis-based PTS Diagnostics is being acquired by a Chinese company in a $200 million deal. The biometric testing device company expects the deal with Sinocare to close later this year. The companies say anticipate adding employees because of the business growth they expect from the acquisition.
PTS Chief Executive Officer Robert Huffstodt says the acquisition will put the company’s products in front of a much larger customer base. PTS has 215 employees, including 149 in Indianapolis.
The deal also includes considerations of up to $90 million, which are contingent on meeting certain milestones. Upon closing, PTS Diagnostics will become a wholly-owned subsidiary of Sinocare.
Huffstodt says the company is "quite pleased and excited" by opportunities that could come as a result of the acquisition. In a release, he said, "We share a vision of innovation and creativity, and together we will make our various solutions available to a much larger customer base, driving action and connecting more people to improved outcomes. Our biometric connectivity and information platform, the PTS Connect solution, continues to solve significant data management problems for healthcare professionals."
Sinocare CEO Shaobo Li says the company "commends and respects" the achievements of PTS, adding "we are confident that they will be able to continue to deliver and achieve our common goals."
PTS Diagnostics says it designs, manufactures and distributes its products for markets in more than 135 countries.