Accuray buys Morphormics for $5.7M
Accuray ($ARAY) is moving past its licensing agreement with Morphormics and just buying the company outright, spending $5.7 million to acquire the developer of imaging software.
Morphormics was founded by University of North Carolina at Chapel Hill faculty, and Accuray has licensed its autocontouring imaging technology since 2008 for radiosurgery devices. With the acquisition, Accuray plans to put the software to use in its CyberKnife and TomoTherapy techs, the company said.
"The acquisition of Morphormics will expand Accuray's IP portfolio, reduce our licensing expenses and strengthen our engineering team with top talent from the University of North Carolina at Chapel Hill," Euan Thomson, Accuray's CEO, said in a statement.
The latest acquisition is designed to improve the efficiency of some techs Accuray acquired in its last buyout, a $227 million purchase of TomoTherapy in 2011. That deal brought Accuray the company's eponymous radiation therapy device and spurred sales growth. Since then, the company has partnered with universities in Germany to expand the adoption of CyberKnife, a robotic radiosurgery device.