CAE acquires METI
CAE, a global leader in Simulation has acquired METI today for $130 Million.
CAE was founded in 1947 and is headquartered in Canada. With clients in more than 100 countries, CAE has the broadest global reach of any simulation and training equipment and services company on the market.
Here’s some of the press release:
Montreal, Canada and Sarasota, USA, August 24, 2011 – CAE Healthcare, a division of CAE, and Medical Education Technologies, Inc. (METI), a worldwide leader in medical simulation technologies and educational software, today announced that CAE Healthcare has acquired METI for US$130 million. With this acquisition, CAE Healthcare gains important global market access, significantly expands its product and services offering and becomes a leader in simulation-based technology for healthcare. CAE Healthcare acquired 100% of the shares of METI, whose main operations are located in a state-of-the-art 76,000 square foot facility in Sarasota, Florida, USA, as well as in Hungary and Germany.
“The acquisition of METI is an important step in the advancement of our healthcare strategy because it expands CAE Healthcare’s product portfolio and gives it much greater market access,” said Marc Parent, CAE’s President and Chief Executive Officer. “With this acquisition, our New Core Markets segment, comprised of CAE Healthcare and CAE Mining, achieves greater critical mass. We expect this segment to achieve more than C$120 million of revenue and to be profitable in fiscal 2013. METI is a premier organization with a global customer footprint and distribution channels, an extensive portfolio of products and services, a solid management team and a proven track-record of profitability and customer service. We welcome Michael Bernstein, CEO of METI, who becomes President of CAE Healthcare, we welcome the METI team and look forward to providing our new and existing customers with the most innovative, best-in-class training solutions and continuous service support.”
“The opportunity to become part of CAE, the de facto standard in the world of simulation, is great for our employees, our customers and for the healthcare community as a whole,” said Michael Bernstein, CEO of METI. “By joining a world-leading company with CAE’s credibility and a track record of improving quality, safety and efficiency with simulation-based training, we will be able to take the healthcare simulation industry to an entirely new level.”
METI (Previously at meti.com) has over 200 employees and works with a team of 50 clinical educators. The company’s revenues currently exceed US$60 million. The entire family of METI simulators, including baby, pediatric and adult, are designed to mimic human medical scenarios including trauma, heart attack, drug overdose and effects of bioterrorism. Today, approximately 6,000 METI simulators are in use worldwide by medical schools, nursing schools, hospitals, defence forces and other entities involved in healthcare education and training. The company has a network of more than 40 distributors in 40 countries.”