CAE expands healthcare simulation offering with METI buy
This article was originally published in Clinica
Executive Summary
Canadian firm CAE Healthcare, part of civil aviation and defence simulation and training specialist CAE, has acquired Medical Education Technologies Inc (METI), a developer of medical simulation technology, for $130m. The deal will make CAE a leader in the healthcare simulation segment, and expand its global footprint and product offering. As well as its headquarters in Sarasota, Florida, METI has facilities in Hungary and Germany. It reports revenues of over $60m per year. The company's CEO Michael Bernstein will take on the role of president of the merged CAE Healthcare. CAE expects the deal to boost its core market segment, which includes healthcare and mining. It predicts the unit will achieve revenues of $120m and be profitable by fiscal 2013. CAE has issued $150m of senior notes in a private placement to fund the acquisition.