"We have been working in close partnership with Touch Bionics for some time now, and the acquisition is a natural progression of that partnership," said Tom Passero, LIVINGSKIN president. "As part of Touch Bionics, our future is both secure and exciting. We are committed to maintaining the same level of top-quality service to our customers and partners across the world while working with the Touch Bionics team to innovate cosmesis options for users."
To finance the deal and provide further U.S. expansion funding, Touch Bionics raised additional capital through existing investors, Archangel Informal Investment, TriCap and Scottish Enterprise's Co-investment fund.
"Touch Bionics is one of the most exciting technology companies to emerge from the U.K. in recent years and we are delighted to support its growth," said John Waddell, chief executive of Archangels. "The acquisition of a leading U.S. development company in order to grow a vital area of Touch Bionics' business, and firmly establish its U.S. presence reflects the success and confidence that permeates the company."
Touch Bionics has seen a 10-fold increase in headcount over the last year and has now hired Mark Ford, formerly a director of OMEGA Tracer, a division of Ohio Willow Wood, to run Touch Bionics' U.S. sales and marketing operations.
"Mark is a great addition to our senior management team and his U.S.
market experience will help us greatly in securing wider relationships with
the North American O&P community," said Stuart Mead. "Our growth has been
phenomenal and Mark's expertise will prove invaluable as our company
matures and expands."
|SOURCE TOUCH BIONICS|
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