AlterG is engaged in developing technology to help people recover mobility, enhance wellness, and improve physical performance
AlterG to be acquired by ReWalk Robotics. (Credit: Tumisu from Pixabay)
Medical device company ReWalk Robotics has agreed to acquire AlterG, a US-based provider of mobility enhancement products for physical therapy and athletic training, for $19m.
The all-cash deal is expected to close this week.
AlterG is engaged in developing technology to help people recover mobility, enhance wellness, and improve physical performance. The company has developed Anti-Gravity systems, which are intended to be used in physical and neurological rehabilitation.
Featuring patented Differential Air Pressure technology inspired by NASA, the Anti-Gravity systems are said to lessen the effects of gravity and enable people to move in new ways with precisely calibrated support and diminished pain.
AlterG has designed the AlterG Anti-Gravity Treadmill systems with the purpose of enhancing physical limitations and promoting greater mobility. These help in enhancing orthopedic rehabilitation, the treatment of neurological and chronic ailments, facilitating active aging, and boosting athletic performance.
Following the acquisition, ReWalk Robotics’ existing portfolio of neurorehabilitation products will include AlterG’s current and future product lines.
The deal will also help ReWalk Robotics significantly increase its customer-facing capabilities and open new growth prospects.
ReWalk Robotics CEO Larry Jasinski said: “We believe this transaction will leverage our combined market presence from both businesses and, by creating sales and support efficiencies across all product lines, accelerate our path to profitability.
“Through this transaction, we believe we will create a formidable commercial infrastructure to support multiple additional products across the continuum of care from the clinic to the home.”
According to the agreement, there is a possibility of additional cash earnouts being disbursed, which will be contingent on a percentage of AlterG’s year-over-year revenue growth in the next two years.
AlterG CEO Charles Remsberg said: “This transaction instantly creates the scale to fund next-generation enhancements to our existing products and to pursue other innovative and commercial rehabilitation technologies that further strengthen our relationships with our customers as a key resource for innovative solutions in neurological and physical rehabilitation.”