Ocutrx Technologies Acquires Circuit Board Manufacturing Company Spectrum Advanced Manufacturing Technologies
Ocutrx Technologies announced it has acquired Spectrum Advanced Manufacturing Technologies, a Colorado-based electronics manufacturing and assembly company.
Terms of the deal were not disclosed.
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. .
The mid-cap acquisition will fuel Ocutrx’s efforts to repatriate its supply chain and leverage Spectrum’s infrastructure to produce devices, such as the OcuLenz AR/XR medical headsets, in compliance with FDA standards on U.S. soil, according to Ocutrx. 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 AR devices for health care and other verticals. Among its products is the OcuLenz AR headset, which is designed to improve the experience of those suffering from age-related macular degeneration (AMD) 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 in a company news release. “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.”