By Simon Harris
On the 4th March 2020, TeraRecon announced it had signed an agreement to be acquired by the SymphonyAI Group. Here are the facts of the deal, followed by our take on the potential impact on the medical imaging market:
– The terms of the deal were not disclosed, and TeraRecon will continue to operate business as usual. However, it will benefit from greater financial backing and the synergistic technologies from other companies in the Group’s portfolio.
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– TeraRecon is an Advanced Visualization (AV) and Artificial Intelligence (AI) software developer with three main solutions: iNtuition, its AV platform; EnvoyAI, its AI marketplace for radiology; and NorthStar AI Explorer, the platform interface between its marketplace and the end user.
– The SymphonyAI Group is a portfolio of companies developing new generation AI solutions across multiple industries. Its founder, Romesh Wadhwani, has committed over $1 billion to build the group’s portfolio.
– TeraRecon is the group’s seventh company in its portfolio, and the second in healthcare; the other, Concerto Health AI is an oncology AI software developer. A third portfolio company, Ayadsi, is also active in healthcare, alongside financial services and the public sector, and offers clinical variation management, population health management and denials management solutions to support value based care providers.
The Signify View
TeraRecon reports it will continue business as usual; however, the company will benefit from a much greater financial backing, which will facilitate the growth and development of its product offerings. We have identified four areas of this deal that may have a significant influence on the medical imaging market:
– The synergies between TeraRecon and other companies in the SymphonyAI Group, including Concerto HealthAI.
– Development of new products, such as "AI Suite" solutions.
– Protecting and enforcing its intellectual property rights, following the recent award of two patents to TeraRecon relating to how healthcare providers will consume, integrate and adopt AI algorithms into their workflows.
– Strengthening its core AV business.
Alongside the capital injection, one of the main benefits of the deal for TeraRecon will be synergy opportunities with other SymphonyAI companies, including Concerto HealthAI and AyadsiAI. For example, Concerto’s eurekaHealth platform, which incorporates data from the American Society of Clinical Oncology’s CancerLinQ and other real-world sources, could become a common platform across Symphony’s healthcare activities, which will have many benefits.