Ocutrx Technologies, a global technology company developing revolutionary medical devices with augmented reality (AR), extended reality (XR) and artificial intelligence (AI), announces today its strategic acquisition of Spectrum Advanced Manufacturing Technologies, Inc., a Colorado-based electronics manufacturing and assembly company.
With this acquisition, the consolidated Oxutrx_Spectrum company now has seven (7) process lines, including ISO Optics Lab capabilities, serving medical, commercial and government entities. Spectrum is known for providing Hi-Rel hardware and New Product Introduction (NPI) support to its diverse customer base along the Colorado Front Range with a premier quality legacy of over 25 years for many defense, NASA and commercial space flight programs. Spectrum also provides microelectronics, wiring and harnessing, and assembly for many Fortune 500 DOD and aerospace contractors.
The mid-cap acquisition will fuel Ocutrx’s efforts to repatriate its supply chain and leverage Spectrum’s infrastructure to produce innovative devices, like the OcuLenzTM AR/XR medical headsets, in compliance with FDA standards on U.S. soil. Ocutrx will also work with Spectrum’s Fortune 500 clients like Lockheed-Martin, Raytheon, Honeywell, Northrop Grumman, Honeybee Robotics, Barber-Nichols, and NASA, enabling growth opportunities in new non-medical verticals including the aerospace, robotics, 5G, 5G-MEC, automotive, gaming and AR/XR defense markets.
Ocutrx, a Tier One customer with Qualcomm®, is leveraging the latest in AR, virtual reality, and AI headset technologies with the Qualcomm XR-2 Chipsets, to build its breakthrough AR devices for Healthcare and other verticals. Among its products is the OcuLenz AR headset which improves the experience of those suffering from Age-Related Macular Degeneration and its OR- Bot Surgical Visualization Theatre® with the ORLenz® AR/XR Surgery headsets which improve ergonomics and visualization for surgeons of all disciplines. With the Spectrum acquisition, Ocutrx intends to expand its products’ applications within and beyond the medical field furthering AR integrations globally. Ocutrx is introducing its OR-Bot 4900D Surgery Visualization Theatre at the Frankfurt Retina Meeting 2023 in Frankfurt, Germany on April 14-17.
“The acquisition of a revenue positive, EBITDA positive company which can build our OR-Bot 3D Surgery Visualization Theatres and AR headsets in compliance with FDA, CE and MDR standards is a huge milestone for us in controlling our growth and in healthcare generally. It is also a quantum leap to bring new 3D visualization and AI tools for surgeons in the operating room.” Ocutrx CEO Michael A. H. Freeman said, “And, the fact that the DOD and Fortune 500 companies are looking more and more for AR/XR and AI solutions creates a unique opportunity out of this business combination integration.”
The global augmented reality market size is anticipated to reach USD 597.54 billion by 2030, expanding at a CAGR of 40.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The growth of the market can be attributed to the growing adoption of augmented reality (AR) technology in various end-use industries and industry verticals, including automotive, healthcare, and education, among others.
“Spectrum’s deep relationships with industry leaders will give Ocutrx access to programs and business metrics inside and outside the Medical Device field allowing Ocutrx to broaden its product applications and further integrate AR into global industries,” said Jim Gatzimas who serves the role of Chief Business Development Officer for the consolidated companies and manages the East Coast (Boston) Company Offices, “while also positioning Spectrum to meet market demands and drive technology development ensuring long-term success.”
The founder and current Spectrum CEO, Jeff Riggs is staying on as a minority partner with Ocutrx and will remain CEO of Spectrum for several years to permit Ocutrx and Spectrum to fully integrate, “The complimentary talents of Ocutrx and Spectrum AMT will allow for a streamlined and integrated new product development cycle for Ocutrx to get quality products to market faster and more efficiently,” Mr. Riggs said, “Spectrum AMT leadership and employees remain committed to our core competency of providing agile manufacturing support to our valued customers.”
Sage Consulting and Wealth Preservation, Inc. serve in the capacity as Administrative Agent for the loan facility funded by the individual and family officer lenders who provided transaction financing.
A team from Howard & Howard Attorneys PLLC served as Acquisition Counsel for Ocutrx. The Team consisted of: Author O. Rogers, Christopher Warburton, Bryan Clark, and Gary Peters. Seaton Curran, served as IP and Patent Counsel. Howard & Howard was founded over 153 years ago and is a full-service business law firm with both a national and international practice. It provides legal services to businesses and business owners.
Withers Bergman LLP acted as counsel to the Administrative Agent in connection with the financing transaction.