Australia-based Advanced Human Imaging Limited (AHI) has signed a binding agreement for the acquisition of Israeli-based Physimax Technologies Limited for $6 million.
The $6 million purchase price will be satisfied by the issue of AHI shares. The parties have also agreed to an earn out arrangement by which AHI will issue up to an additional $2 million in AHI shares to key employees. The agreement is subject to AHI conducting satisfactory due diligence on or before May 21, 2021. AHI intends to confirm intellectual property ownership and review Physimax’s corporate structure and liabilities.
Physimax is a musculoskeletal assessment company. It has developed imaging technology that provides functional movement assessments and instantly provides mobility, stability, strength, and movement control scores. Its software pinpoints issues and then provides individualized solutions. The assessment process is done with a mobile device and takes only minutes.
OTW discussed the acquisition with AHI Chairman and CEO Vlado Bosanac. “For clinicians or consumers, Physimax’s technology is easy to use, and its functionality can be utilized via a mobile phone—which is highly complementary to AHI’s current offerings. Its technology is being used by reputable organizations such as the NBA [National Basketball Association], D1 [Division 1] colleges, U.S. Military, and healthcare providers. AHI continues to advance the MultiScan platform and bring cost-effective care and analysis to the general population, across many indications.”
AHI’s MultiScan platform is smartphone-based and can analyze body measurements, measure vital signs, and detect skin conditions. Its human scanning technology currently consists of BodyScan, FaceScan, and DermaScan.
The acquisition will allow AHI to expand its platform. Bosanac informed OTW, “With Physimax we will add MSKScan. This musculoskeletal scan will be used in the assessment of over 150 conditions, affecting the locomotion system of individuals. They range from those that arise suddenly and are short-lived, such as fractures, sprains, and strains, to lifelong conditions associated with ongoing functioning limitations and disability.”
Bosanac continued, “The MSKScan will assess an individual’s musculoskeletal condition to determine if action is required. Once determined the correct course of actionable rehabilitation exercises require[d] to effectively assist the individual in their recovery will be outlined.”
