3D4Medical app firm rejects $30m Emdeon buy-out bid
Published 13/07/2014 | 02:30
Dublin-based medical app creator 3D4Medical has rejected a $30m (€22m) takeover offer by a US group and is instead raising up to €5m in funding for expansion.
Founder and chief executive John Moore revealed that the company rebuffed the offer by Emdeon last November after a negotiations process that kicked off in July last year.
He said he believed the company had too much remaining potential to sell it off. He hopes to have completed a fundraising of between €2m and €5m within a couple of months.
3D4Medical has been lauded by the health community and universities for its pioneering apps that are used for the close study of human anatomy. It also develops apps that are used for health and fitness, as well as apps that can be used by patients engaged in rehabilitation, for instance.
The firm, which employs about 45 full-time staff, 25 of them in Dublin, is targeting the B2B market as it has a large library of content that it could licence.
It's also started developing games and has a team working on applications. So far, Mr Moore said the company has invested about €100,000 in its games, the first of which is expected to be released towards the autumn.
Mr Moore said the company is “very profitable”, but noted that the types of profits generated from its medical apps could be eclipsed by a best-selling game.
3d4Medical’s apps have been downloaded about 17 million times.
Last year, its Essential Anatomy 2 app was named the ‘App of the Year’ runner-up from among millions of apps submitted for the gong.