SyntheticMR has signed an agreement to acquire all shares of Finnish company Combinostics Oy (Combinostics), a leading player in medical technology and software solutions, focusing on cloud-based and AI-driven platforms that offer advanced diagnostic tools and clinical decision support for healthcare providers. 

The acquisition is designed to strengthen SyntheticMR’s market position and future competitiveness by combining the technology and expertise of the two companies.

By combining SyntheticMR’s ability to provide brain tissue characterization and Combinostics’ segmentation algorithms, the two together meet customer demand for a combined capability, particularly related to neurodegenerative diseases such as MS and Dementia. 

The acquisition is subject to approval by an Extraordinary General Meeting. 

“With Combinostic’s ambition to provide effective decision support, objectivity and thus better patient outcomes, the journey forward with SyntheticMR is seen as a key factor. With quantification of brain characteristics combined with AI-driven statistical analysis, we gain an ability to provide an insight into the state of the brain like no other. We are confident of strong synergies, both organisationally and commercially,” commented Combinostics, CEO Lennart Thurfjell.

Combinostics has a well-developed network of clinical and industrial partners. SyntheticMR intends to combine the companies’ respective technologies. In addition, SyntheticMR will use the existing sales organization to expand Combinostics’ existing products in several major markets.

Combinostics’ business model is primarily based on annual subscriptions and has an established base of ARR customers with high customer satisfaction. This is expected to strengthen the ability of SyntheticMR to pursue plans in the same direction as subscribing customers. 

This is realized through the platform provided by Combinostics via a cloud solution. Conversely, there are customer groups that require on-site installation, and the companies complement each other as both solutions intend to be delivered on the respective platform.

SyntheticMR’s CEO Ulrik Harrysson, said, “we have identified significant underlying value in Combinostics, which we believe can be realised by, among other things, accelerating sales activity and through the synergies that an acquisition brings within the SyntheticMR group. We believe that the expertise and commitment of the employees within Combinostics are central to Combinostics’ success and it is our strong belief that there is good potential to realise Combinostics’ underlying value and growth with a common ambition.”

Closing of the transaction is expected to take place on or around 2 January 2025 for a total of €4.3 million, a portion of which will be paid in cash and another portion paid in a promissory note set off against convertibles.