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

$28M

across 1 funding round

Itamar Medical Overview

About Itamar Medical

Itamar Medical is a Caesarea-based medical-device and digital-health business founded in 1997. It develops non-invasive tools for diagnosing respiratory sleep disorders, with an emphasis on connecting sleep-apnea testing to cardiac care. Its WatchPAT devices use peripheral arterial tone and related signals to support home sleep-apnea studies. The CloudPAT platform receives study data, supports clinical review and connects devices with healthcare-provider workflows. Itamar sells devices, disposable components and related diagnostic services to sleep physicians, cardiologists and other healthcare organizations. The products are commercialized in markets including the United States, Europe and Japan. ZOLL Medical agreed in September 2021 to acquire all outstanding Itamar shares for an equity value of approximately USD 538 million. Itamar now operates within ZOLL while retaining its sleep-diagnostics products and Caesarea operations.


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 $28M across 1 funding round.

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 $28M across 1 funding round.

Itamar Medical funding rounds

Itamar Medical funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2015Undisclosed stageViola Group (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.

Who has invested in Itamar Medical?

1 investor has backed Itamar Medical across its funding rounds, including Viola Group.

Lead investors include Viola Group.


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
Myriad GeneticsUnited StatesUnited StatesPublicly listed$825M($332M)$567M0.8x
TassoUnited StatesSeattle, WAPrivate--$425M-
Delfi DiagnosticsUnited StatesBaltimore, MDPrivate--$685M-
EmbarkUnited StatesBoston, MAPrivate--$700M-
KonikuUnited StatesSan Francisco, CAPrivate--$337M-
Delcath SystemsUnited StatesUnited StatesPublicly listed$85M$939K$518M4.1x

Itamar Medical Public Comps

Itamar Medical is no longer listed, but its public comps include Morepen Laboratories, Medmix, IBA Group, Anteris Technologies US, AVITA Medical, Delcath Systems, Sight Sciences, Ocumension, Myriad Genetics and Barco.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Morepen Laboratories$191M$18M2.8x-29.8x-
Medmix$548M$90M1.5x1.5x8.9x7.3x
IBA Group$695M$39M0.9x0.9x15.7x10.9x
Anteris Technologies US$2M($93M)157.5x55.6x(3.2x)(2.5x)
AVITA Medical$72M($41M)7.8x6.4x(13.5x)(26.0x)
Delcath Systems$85M$939K5.0x4.1x452.2x28.5x
Sight Sciences$77M($33M)6.8x5.8x(16.0x)(28.9x)
Ocumension$121M($3M)4.0x-(171.0x)-

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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 $28M across 1 funding round.
What was Itamar Medical's last funding round?Itamar Medical's last funding round was a $28M undisclosed-stage round in August 2015, led by Viola Group.
Who are Itamar Medical's investors?Itamar Medical's investors include Viola Group.
Which companies are comparable to Itamar Medical?Companies comparable to Itamar Medical include Myriad Genetics, Tasso, Delfi Diagnostics, Embark, Koniku and Delcath Systems.
How many companies has Itamar Medical acquired?Itamar Medical has acquired 1 company, including Spry Health.

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