Varian Medical Systems Signs Agreement to Acquire Velocity Software Platform for Data-Driven Clinical Decision Making in Cancer Centers
PALO ALTO, Calif., March 12, 2014 /PRNewswire/ -- Varian Medical Systems, Inc., (NYSE: VAR) today announced it has signed an agreement with Velocity Medical Solutions, LLC to acquire certain assets of Velocity, a privately-held Atlanta-based developer of specialized software for cancer clinics.
The acquisition includes software designed to access and aggregate unstructured treatment and imaging data from diverse systems to show a comprehensive view of a patient's diagnostic imaging and treatment history, regardless of where they were treated or what technology was used. By organizing patient data and making it available in one place, the Velocity software can help clinicians make more informed treatment decisions.
The Velocity organization was founded by leading clinicians who have developed innovative and powerful tools that transform unstructured data into useful clinical knowledge. The Velocity software enables clinicians to easily collect, integrate, and share data from CT, PET, and MR images and diverse treatment systems for close collaboration with referring physicians, oncologists, medical physicists, and others on the care team.
The Velocity software is already in use at over 200 cancer treatment centers worldwide. Varian expects its global sales, service, and support network will contribute to faster and deeper market penetration for the Velocity product.*
"This acquisition supports our commitment to providing clinicians with tools for data-driven clinical decision making," said Kolleen Kennedy, president of Varian's Oncology Systems business. "We believe that the Velocity software has the potential to play an important role at the over 4400 cancer centers currently utilizing Varian technology. The software enables health care professionals to use oncology patient images and data to plan and assess treatments, collaborate with colleagues, and share clinical knowledge—all important capabilities in an era of evidence-based medicine."
The Velocity solution fits well with Varian's overall goal of helping clinicians manage the cancer treatment journey, from initial diagnosis to survivorship, and including retreatment for the some 30 percent of patients who will experience metastases at some point.
"Varian strives to provide oncologists with curative tools for their patients. When a cure is not possible, our vision is to turn cancer into a manageable disease like diabetes," said Kennedy. "With approaches like image-guided radiosurgery, a patient might be successfully treated multiple times for their primary cancer and then for metastatic lesions that can occur, sometimes months or even years later. We envision clinicians using this software to fully understand a patient's clinical history in order to make informed decisions about the path forward. "
"We are excited about the possibilities that this acquisition by Varian creates," said Tim Fox, Ph.D., director of medical physics for the Department of Radiation Oncology at Emory University and one of the founders of Velocity Medical Solutions. "We expect that Varian will support the continued development of this important clinical tool and help to make it more widely available. We share a common vision to empower oncology care teams to make more confident decisions."
Varian plans to continue development of this oncology software platform with the Velocity team in Atlanta, Georgia. Financial terms of the asset acquisition are not being disclosed. The acquisition is expected to close during Varian's third fiscal quarter, subject to customary closing conditions.
*Velocity products may not be available in all markets.
About Varian Medical Systems
Varian Medical Systems, Inc., of Palo Alto, California, is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 6,400 people who are located at manufacturing sites in North America, Europe, and China and 72 sales and support offices around the world. For more information, visit http://www.varian.com or follow us on Twitter.
Except for historical information, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning industry and market outlook, including customer demand and acceptance of products or technology; growth drivers; the company's future orders, revenues or other financial performance; the ability of the company's technology and products to treat cancer; and any statements using the terms "will," "future," "plan," "expect," or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company's actual results to differ materially from those anticipated. Such risks and uncertainties include the ability to effectively integrate the products of Velocity into the company's product offerings and sales and marketing operations; the ability to retain the services of key Velocity personnel; demand for the company's and Velocity's products; the company's ability to develop, commercialize, and deploy new products; the impact of competitive products and pricing; the effect of global economic conditions; the company's ability to meet legal and regulatory requirements; changes in the legal or regulatory environment; and the other risks listed from time to time in the company's filings with the Securities and Exchange Commission, which by this reference are incorporated herein. The company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.
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SOURCE Varian Medical Systems