DexCom, a developer of continuous glucose monitoring systems, has signed a definitive agreement to purchase SweetSpot Diabetes Care.
Under the agreement, DexCom will pay SweetSpot, in an all stock transaction, with an initial amount of $4.5m and will further pay $4m based on the performance.
SweetSpot has an advanced 510(k) cleared SweetSpot Diabetes Data Management solution which automates the retrieval of data from numerous patient devices; manages, processes and stores data in the cloud; and integrates them into electronic medical records (EMR) and other clinical systems for information delivery.
DexCom CEO Terrance Gregg said their acquisition of SweetSpot combined with their insulin pump partnerships will fill their voids in the US with insulin pump integration and a universal data management system.
"Our ultimate objective is to move a patient’s CGM data directly and seamlessly from the patient’s phone or CGM receiver to our cloud-based platform," Gregg said.
"Not only will this cloud-based data provide patients and providers with much more useful information, it will greatly enhance DexCom’s ability to monitor our product performance and measure patient utilization patterns."