Samsung Electronics, a provider of telecommunication and digital media technologies, has completed the acquisition of Nexus division of ITC Nexus (ITC).
Nexus will continue to operate from its San Diego, California headquarters and become part of Samsung’s HME division. ITC Nexus will continue business under the name ITC.
Samsung Electronics HME business team vice president Yong-chu Bang said the investment represents an exciting opportunity to strengthen Nexus’ technological capabilities while enabling Samsung to compete in the cardiac point-of-care testing market.
ITC CEO John Sperzel said they believe this divestiture will provide Nexus the resources and support to continue to develop rapid cardiac testing products and enable ITC to focus and build on its hemostasis point-of-care testing and monitoring products that target the physician office and hospital markets.
Nexus develops, manufactures and markets the Cardiac STATus, DECISION Point and VYENT line of rapid test kits that aid in the diagnosis and monitoring of several cardiovascular diseases.
The acquisition is expected to be completed during the fourth quarter of 2011.