Itamar Medical Acquisition, Valuation, Funding & Investors

Itamar Medical was acquired by ZOLL Medical Corporation for $538M in September 2021, a 10.5x multiple on $51M of revenue.

Itamar Medical acquisition price

$538M

Acquired by ZOLL Medical Corporation · Sep 2021

Itamar Medical revenue at acquisition

$51M

Last twelve months · Sep 2021

Itamar Medical revenue multiple at acquisition

10.5x

EV/Revenue · Sep 2021

Cumulative funding Itamar Medical raised

$77M

across 6 funding rounds

Itamar Medical Overview

About Itamar Medical

Itamar Medical is a Caesarea-headquartered medical device company developing non-invasive diagnostics using peripheral arterial tone technology. Founded in 1997, it produces WatchPAT for at-home sleep apnea testing and EndoPAT for endothelial function assessment approved by the FDA.


Founded

1997

HQ

IsraelCaesarea

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$51M (Sep 2021)

Valuation

$538M (acquired Sep 2021)

Itamar Medical Acquisition

Itamar Medical was acquired by ZOLL Medical Corporation for $538M on 13 September 2021.

The acquisition price implies a 10.5x revenue multiple on $51M of revenue.

Before the acquisition Itamar Medical had raised $77M across 6 funding rounds.

Itamar Medical Ltd. is a medical device and digital health company focused on the integration of sleep apnea diagnosis into the cardiac patient care pathway, developing non-invasive solutions like the FDA-cleared WatchPAT home sleep apnea device for diagnosing respiratory sleep disorders in home-based settings. ZOLL Medical Corporation, an Asahi Kasei company that manufactures medical devices and software solutions for emergency care, cardiac monitoring, and cardiopulmonary conditions, signed a definitive agreement on September 13, 2021, to acquire all outstanding ordinary shares of Itamar Medical for approximately $538 million, or $31 per American Depository Share (ADS), representing a 50.2% premium over the ADS closing price on September 10, 2021. The strategic rationale is to combine ZOLL's cardiology expertise with Itamar's sleep apnea diagnostics to address the high prevalence of undiagnosed sleep apnea in cardiovascular patients—estimated at 60%—improving diagnosis and treatment for sleep-disordered breathing and strengthening collaboration between cardiology and sleep medicine. The transaction, unanimously approved by both boards, was subject to Itamar shareholder approval, regulatory clearances, and customary closing conditions, with an expected close by end of 2021. Post-acquisition, Itamar's principal operations, including R&D, digital health technology, and production centers in Caesarea, Israel, were to continue unchanged.

Itamar Medical acquisition details
AcquirerDateTypePriceEV/Revenue
  • ZOLL Medical Corporation
13 Sep 2021Strategic M&A$538M10.5x

Itamar Medical Funding History

Itamar Medical has raised a total of $77M across 6 funding rounds.

Itamar Medical's first fundraising round was a $20M undisclosed-stage round in January 2013. The most recent completed round was a $6M Series A in March 2018.

Itamar Medical funding rounds

Itamar Medical funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2018Series ACybele Holdings$6MItamar Medical Ltd., a sleeping disorders diagnosis company listed on TASE:ITMR, raised $11.5 million in a private bridging placement in 2018 ahead of a planned US public offering. US investors led the round including Deerfield Management, Triple Gate Capital, West Elk Partners, and Alpha Capital, with Israeli participation from More Investment House. Cybele Investments advised Itamar Medical on the financing. The share price was NIS 1.17, a 16% discount to market. Revenue totaled $6.1 million in Q3 2018, up 14.7% year-over-year, with $5 million from the US market. Q2 2018 revenues were also $6.1 million, a 20% increase from the prior year. Main shareholders included Viola Ventures (25%), MS Pace fund (14%), and founders Dr. Giora Yaron (10%) and Martin Gerstel (5%).
Dec 2015SeedCybele Holdings$5M-
Aug 2015Undisclosed stageViola Growth (lead)$28MItamar Medical Ltd., a medical device company focused on cardiovascular diagnosis including the WatchPAT home sleep test for sleep apnea, received a PIPE investment of up to $28.4 million from Viola Private Equity (Viola Growth), which became the company's largest shareholder around August 2015. The deal included Viola's commitment to invest up to $28.4 million, with a parallel rights offering to existing shareholders for an additional $5.9 million under the same terms, and Viola agreeing to cover up to $4.3 million in unexercised rights. Jonathan Kolber and Sami Totah from Viola joined Itamar Medical's board. An additional $30 million investment was referenced to support growth strategy execution. At the time, Itamar Medical had an approximate $20 million annual revenue run rate, positioning it as a growth-stage tech company at a turning point for launching a new strategy with recently recruited management and support from founding investors. Viola Private Equity, managing over $410 million from its second $250 million fund, highlighted the investment as aligning with its focus on growth-stage companies with global presence, following deals in GlassesUSA.com and VATBox. The funds were intended to enhance global expansion, product development, strengthen financial position, and accelerate growth to position Itamar as a leader in the cardiovascular diagnosis market. Company leadership, including CEO Gilad Glick and Co-Chairman Dr. Giora Yaron, praised Viola's deep due diligence, managerial expertise, and vote of confidence in the technology and market potential.
May 2014Series ACybele Holdings$8M-
Jan 2014Series ACybele Holdings$10M-
Jan 2013Undisclosed stageCybele Holdings$20MItamar Medical Ltd. develops non-invasive diagnostic devices for monitoring the cardiovascular system and sleep disorders, including sleep apnea testing with products like the WatchPAT device. The company, listed on the Tel Aviv Stock Exchange (TASE: ITMR), focuses significantly on the US market for its sleep disorder diagnostics. Cybele Investments has advised Itamar on capital market affairs, including financing rounds. In 2010, Itamar reported revenue of $11.8 million, up 8.7% from $10.9 million in 2009, with 60% from cardiovascular monitors and 40% from sleep monitors. The company achieved a net profit of $2 million in 2010 due to lower financing expenses, despite an operating loss of $301,000. Cash reserves stood at $14.7 million, supported by a $6 million credit framework from major shareholders like Medtronic, with outstanding bonds of NIS 33.3 million. Later traction included $6.1 million revenue in Q3 2018 (up 14.7% YoY), with $5 million from the US. A 2020 bridging round raised $11.5 million led by US investors like Deerfield Management at NIS 1.17 per share. Major shareholders include Viola Ventures (25%) and others. In 2023, Zoll Medical agreed to acquire Itamar for around $538 million.

Who has invested in Itamar Medical?

2 investors have backed Itamar Medical across its funding rounds, including Cybele Holdings and Viola Growth.

Lead investors include Viola Growth.


Itamar Medical Investors

Investors in Itamar Medical by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Itamar Medical

Itamar Medical has acquired 1 company to date.

Last acquisition by Itamar Medical was on January 12th 2021. Itamar Medical acquired Spry Health for undisclosed valuation.


Latest Acquisitions by Itamar Medical

Spry Health
Description
Spry Health is a healthcare analytics provider offering real-time data insights to payers managing high-cost chronic illness patients. The company's platform targets the five percent of patients responsible for 50 percent of spending by predicting hospitalizations and optimizing interventions. San Francisco-headquartered Spry Health integrates with electronic health records for population health management.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date12 Jan 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Itamar Medical Competitors

Itamar Medical competitors include listed companies like Myriad Genetics and Delcath Systems, and private ones like Tasso, Delfi Diagnostics, Embark and Koniku.

Public and private companies comparable to Itamar Medical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TassoUnited StatesSeattle, WAPrivate--$425M-
Delfi DiagnosticsUnited StatesBaltimore, MDPrivate--$685M-
EmbarkUnited StatesBoston, MAPrivate--$700M-
Myriad GeneticsUnited StatesUnited StatesPublicly listed$825M($332M)$396M0.6x
KonikuUnited StatesSan Francisco, CAPrivate--$337M-
Delcath SystemsUnited StatesUnited StatesPublicly listed$85M$939K$564M4.7x

Itamar Medical Public Comps

Itamar Medical is no longer listed, but its public comps include SD Biosensor, Cerus, BrainsWay, Ocumension, Delcath Systems, Tactile Medical, IBA Group, OrthoPediatrics, Kamada and The Beauty Tech Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SD Biosensor$517M($509M)0.8x-(0.8x)-
Cerus$206M($5M)2.7x2.2x(112.8x)42.1x
BrainsWay$52M$7M9.3x7.6x71.7x41.7x
Ocumension$120M($3M)4.1x-(178.3x)-
Delcath Systems$85M$939K5.5x4.7x501.0x28.4x
Tactile Medical$330M$36M1.3x1.2x12.3x9.1x
IBA Group$714M$40M0.8x0.8x14.8x10.5x
OrthoPediatrics$236M($12M)2.6x2.4x(51.6x)28.2x

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Common questions about Itamar Medical

When was Itamar Medical founded?Itamar Medical was founded in 1997.
Where is Itamar Medical headquartered?Itamar Medical is headquartered in Caesarea, Israel.
Is Itamar Medical publicly listed?No, Itamar Medical was acquired by ZOLL Medical Corporation in September 2021.
Who acquired Itamar Medical?Itamar Medical was acquired by ZOLL Medical Corporation in September 2021.
How much was Itamar Medical acquired for?Itamar Medical was acquired for $538M in September 2021, a 10.5x revenue multiple.
How much funding has Itamar Medical raised?Itamar Medical has raised $77M across 6 funding rounds.
What was Itamar Medical's last funding round?Itamar Medical's last funding round was a $6M Series A in March 2018.
Who are Itamar Medical's investors?Itamar Medical's investors include Cybele Holdings and Viola Growth.
Which companies are comparable to Itamar Medical?Companies comparable to Itamar Medical include Tasso, Delfi Diagnostics, Embark, Myriad Genetics, Koniku and Delcath Systems.
How many companies has Itamar Medical acquired?Itamar Medical has acquired 1 company, including Spry Health.

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