Deal Announcement 07/17: Pharma & MedTech

PwC M&A Germany and Canada acted as the exclusive M&A advisor to the shareholders on the sale of a 100% stake in TOMTEC IMAGING SYSTEMS GMBH to Philips

The Deal

The Canadian and German PwC M&A teams are pleased to announce the successful closing of Project Visualize, the sale of a 100% stake in TOMTEC IMAGING SYSTEMS GMBH (“TOMTEC” or the “Company”) to the listed Dutch health technology company Koninklijke Philips N.V. (“Philips”). In a joint cross-border mandate between Germany and Canada, PwC M&A acted as exclusive M&A advisor to the shareholders of TOMTEC.

TOMTEC has successfully extended its business from an ultrasound modality OEM supplier to a healthcare IT software provider with a comprehensive and market leading application suite for cardiovascular image analytics. Part of this structured transformation process was the execution of a succession plan with a gradual handover from the first to the second management generation over the past few years. Ultimately, the shareholders of TOMTEC decided to sell the Company to a strong strategic partner, who can accelerate TOMTEC’s future growth initiatives inter alia for its cloud-based solutions and automated image analytics.

In its role as exclusive M&A advisor, PwC supported the 18 shareholders in agreeing on key deal parameters in a shareholder agreement. PwC subsequently initiated a competitive sale process by leveraging its global network and industry expertise to target trade buyers, as well as financials sponsors in a tailored way.

The terms of the transaction will not be disclosed.


TOMTEC is a worldwide leader in Diagnostic Medical Imaging software solutions for cardiology, based in Unterschleissheim (Germany). With its dedicated focus on cardiology, the Company provides a state of the art application portfolio for ultrasound image analysis to leading hospitals and cardiologists all over the world.

TOMTEC‘s product suite features 2D and 3D/4D technology for review, automated image analytics, reporting, and image management. These applications are available for adult and pediatric cardiology, obstetrics, gynecology, radiology and vascular diagnostics.


The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 220,000 employees in 157 countries. Our global network comprises nearly 2,500 M&A professionals all over the world, realizing around 400 successful transactions each year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatizations, as well as structured financing.

This transaction marks the second deal for PwC M&A in the medical imaging space with PwC Canada having recently advised on the sale of Claron Technology to Lexmark. These transactions exemplify PwC’s competence in the medical software sector.

The PwC M&A deal team consisted of Nitin Kaushal (Managing Director), Dr. Alexander von Friesen (Partner), Shivalika Handa (Director), Constantin Gutknecht (Manager), Nicolas Bender (Consultant), Jasmin Schwab (Consultant), Ilda Lakra (Consultant) and Reid Mattan (Analyst).

Deal Announcement 07/17: Pharma & MedTech

Contact us

Dr. Alexander von Friesen

Dr. Alexander von Friesen

Partner, Corporate Finance | M&A Healthcare & Consumer, PwC Germany

Tel.: +49 151 11714398

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