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Halma buys childbirth monitoring firm for £42mln

PeriGen's technology protects mothers and their unborn babies by alerting doctors, midwives and nurses to potential problems during childbirth

Halma PLC - Halma acquires foetal monitoring firm PeriGen, Inc. for £42mln

Halma PLC (LON:HLMA) acquired US firm PeriGen, Inc. for US$58mln (£42mln) on a cash and debt-free basis.

PeriGen's technology protects mothers and their unborn babies by alerting doctors, midwives and nurses to potential problems during childbirth.

Its software solutions use artificial intelligence to provide an automated early warning platform during labour so healthcare professionals can assess complex data more easily and spend more time caring for the patient.

The deal will be funded with the FTSE 100 group's existing facilities.

PeriGen's unaudited revenue for the year to the end of March 2021 was US$20m (£14m), with return on sales slightly above Halma's target range of 18%-22%.

“PeriGen is highly aligned with our purpose, broadens our presence in patient assessment and monitoring into the US perinatal care market, and further extends our artificial intelligence and analytics capabilities,” said Halma’s chief executive Andrew Williams.

Analysts at Peel Hunt noted that PeriGen is one of five principal vendors in the US electronic foetal monitoring market, with the market growing at high single digits, and the management team is staying with the business post acquisition.

“This acquisition is very much in line with Halma’s successful strategy of sourcing attractive bolt-ons,” they commented.

Shares were flat at 2,636p on Tuesday morning.

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