UK group to buy medical technology firm for €2.5m

BRITISH DIGITAL pathology group Genetix will pay €2.5 million up front in cash and shares for young Dublin company Slidepath.

The people behind the Dublin City University spin-off stand to gain a further €1.2 million if they reach certain earnings targets this year and next. Slidepath, which was founded in 2003, sells technology that allows companies to analyse, manage and view tissue and cell samples via the web.

The company, which has 25 employees, sells to customers in 10 countries. Its most recent results – for 2008 – show the firm reported sales of €1.3 million with a loss before tax of about €500,000. The company has seen revenues grow 61 per cent per annum over the past two years.

Among those to benefit from the deal are founding shareholders Dr Donal O’Shea, who is chief executive of the company, and Dr Seán Costello. Other shareholders include, Enterprise Ireland, Anglo Irish Assurance and Invent DCU, an incubation centre at Dublin City University.

Dr O’Shea said Slidepath was excited to be joining forces with Genetix, “a company which has an excellent track record in product innovation and [which] has built a high quality customer base and global infrastructure”.