The medical devices maker will launch a tender offer to acquire all the shares of the publicly-listed Vocera for $79.25 per share in cash
Vocera to be acquired by Stryker. (Credit: Vraal48/Wikimedia Commons)
Stryker, a medical technology company, has agreed to acquire Vocera Communications, a California-based clinical communication and workflow solutions provider, in a deal worth around $2.97bn.
The total enterprise value of Vocera after including convertible notes is about $3.09bn.
As per the terms of the deal, Stryker will launch a tender offer to acquire all shares of the publicly-listed medical communications company for $79.25 per share in cash. The boards of directors of both the firms have approved the deal unanimously.
Established in 2000, Vocera is claimed to serve over 2,300 facilities around the world, of which nearly 1,900 are hospitals and healthcare facilities. The company’s solutions are designed to enable employees of the facilities to communicate and collaborate with co-workers as well as engage with patients and families.
Recently, the company launched a solution called Vocera skill for Alexa in collaboration with Amazon. The solution is aimed at providing patients and families with a hands-free and immersive voice experience.
Vocera chairman and CEO Brent Lang said: “Today’s milestone represents an exciting opportunity for Vocera given the clear alignment of mission, goals and culture between our two organisations and our ability to drive even greater economic and clinical value for our customers.”
According to Stryker, the acquisition adds a highly complementary and innovative portfolio to its medical division. The portfolio is expected to help Stryker address the growing requirement for hospitals to connect caregivers and disparate data-generating medical devices in order to drive efficiencies and boost safety and outcomes.
Furthermore, Stryker said that Vocera’s software and hardware solutions and its ability to securely facilitate remote communication between patients and their families complement the offerings of its advanced digital healthcare unit.
The combined business will advance its focus further on stopping adverse events throughout the continuum of care, said Stryker.
Stryker chair and CEO Kevin Lobo said: “This acquisition underscores our commitment and focus on our customer.
“Vocera will help Stryker significantly accelerate our digital aspirations to improve the lives of caregivers and patients.”
The deal, which is subject to the completion of the tender offer and other customary closing conditions, is anticipated to close in Q1 2022.