Malin has bought a 38pc stake in Irish medical technology company 3D4Medical for US$16.4m. The deal also gives Malin a further call option to increase its stakeholding to 50pc.
3D4Medical, which was founded in 2004 by its John Moore, CEO, and Niall Johnston, director of business development, specialises in the development of medical, educational and health and fitness apps for healthcare professionals as well as student and patient education. The company’s apps, including its flagship offering, Essential Anatomy, have so far been downloaded over 9 million times globally. The apps use proprietary 3D technology to show the human body. A number of them have been developed in collaboration with Stanford University School of Medicine.
As well as developing apps, 3D4Medical specialises in 3D medical stock image production and animations. The company’s images have featured on the front covers of Time, Newsweek and The Scientist.
“3D4Medical offers Malin a unique asset at the intersection of the technology and healthcare sectors,” said Malin CEO, Adrian Howd. “We see significant opportunity for growth and look forward to working with the proven management team to deliver a rare asset that contributes to long term value for our shareholders.
“The mobile healthcare sector is clearly part of the future and we are pleased to add such a quality asset to our overall life sciences focus.”
“We will soon release our new generation proprietary 3D technology and platform solution which has been 24 months in development,” said John Moore, co-founder and CEO of 3D4Medical. “This partnership enables us to combine Malin’s extensive capital base and wealth of healthcare industry knowledge and experience with 3D4Medical’s cutting edge 3D medical learning platform. This will facilitate the expansion of our new 3D4 platform and allow us to build out our infrastructure bringing with it new and larger markets and opportunities.”
Malin will appoint three directors to the board of 3D4Medical, including John Herlihy, former head of Google Ireland, and Kelly Martin, former chief executive of Elan.