Posted: 2015-11-13 in Press Releases
FOR IMMEDIATE RELEASE
Signostics Announces Investment and Capital Partnership with KKR
CLOVELLY PARK, SOUTH AUSTRALIA (November 16, 2015) – Signostics, a start-up innovator in the field of highly miniaturized ultrasound technology, today announced a private investment of $35 million dollars from KKR, a leading global investment firm.
Since launching its first product in 2009, Signostics has remained focused on the development of handheld ultrasound technology. The new funding by KKR will allow Signostics to pursue cutting-edge medical innovations and to expand and accelerate global marketing and distribution for new products. Prior to this transaction, Signostics re-domiciled from Australia to become a Delaware-based corporation with newly-established headquarters in Kirkland, Washington.
“KKR offers us the privilege of working with a highly regarded long-term capital partner which will enable us to create next-level innovations and beyond, aimed at greater disruption and democratization of the global ultrasound market,” said Kevin Goodwin, Chief Executive Officer of Signostics who joined the company earlier this year. “We feel very fortunate to have gained the support of KKR as we set out to build on our work in this field over the last decade.”
With the backing of this new investment by KKR, Signostics intends to deliver a growing suite of practical, powerful and versatile new devices designed to become a key element in a clinical professional’s toolkit. Under the leadership of long-time point-of-care ultrasound pioneer, Kevin Goodwin, whose experience includes the one billion dollar sale of SonoSite in 2012, Signostics is now poised to scale the organization to advance the development and commercialization of new products.
“We are thrilled to be investing behind such a visionary and accomplished team to support them in their continued development of innovative products that improve medicine and enable more efficient health care,” said Justin Sabet-Peyman, Principal on KKR’s Health Care investing team.
The existing Signostics product portfolio has gained regulatory approval in the United States, Europe and Japan. The company recently released the patented SignosRT Bladder Scanner in 2014 – a device that utilizes ultrasound technology to automate detection of the bladder and calculation of its volume. The company will be releasing a new product in 2016 and is initiating work on a series of breakout advancements in ultrasound technology.
For KKR, the investment is part of the firm's health care growth equity strategy, which is focused on high-growth companies for which KKR can be a unique partner in helping reach scale. KKR is funding the investment primarily from the balance sheet of KKR & Co. LP (NYSE:KKR).
Signostics Limited is a leader in handheld ultrasound devices and bladder scanners. Products include the SignosRT ultrasound system and the SignosRT Bladder, both ultra-portable, affordable devices designed to assist with the diagnosis of common medical presentations at the point of care. The company has regulatory approvals in place for Australia, the U.S., Canada, Japan, Singapore and Europe and currently exports to countries around the world.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.