The acquisition will serve to diversify ERT’s revenue base, expand its global footprint, and increase the potential for development of new services and products in clinical research and healthcare delivery.

ERT paid $80.8m in cash for CRS after giving effect to preliminary closing balance sheet adjustments. The acquisition was financed from ERT’s existing cash and $23m drawn from ERT’s new $40m revolving credit facility through Citizens Bank of Pennsylvania. The credit facility was established on May 27, 2010.

Based in Philadelphia, ERT is a provider of centralised core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development and centralized respiratory technology and services to evaluate pulmonary function efficacy and safety in clinical development.

ERT also provides technology and services to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of electronic patient reporting outcomes clinical data in all phases of clinical development as well as selected medical devices for the clinical trials and healthcare industries.

CRS is a provider of respiratory diagnostics services and manufacturer of diagnostic devices and also offers cardiac safety and ePRO services.