Algotec

Company Overview

Snapshot

Founded in December 1992 by Menashe Benjamin, Algotec operates with 51–200 employees. The company has secured funding across one disclosed round from two investors. A significant milestone for the company was its acquisition by Philips in August 2019.

Business overview

Algotec provides healthcare facilities with web-enabled solutions for comprehensive image management, including reading, processing, reporting, and distribution. Its core technology encompasses teleradiology, picture archiving and communications systems (PACS), radiology information systems, multi-site image-management systems (SuperPACS), clinical data archiving, and eHealth managed services. The company serves the healthcare industry, focusing on healthcare providers, clinics, and hospitals, and operates within the Digital Healthcare and Clinical Workflow sectors, leveraging artificial intelligence, image recognition, and machine learning.

Strategic signal

Algotec's acquisition by Philips in August 2019 signals a strategic integration into a larger healthcare technology ecosystem. This move indicates the continued consolidation within the medical imaging and digital health sectors, where established players are acquiring specialized solutions to enhance their offerings and market reach. For investors, this highlights the value of niche technologies in clinical workflow and image management for strategic exits.

Company Intelligence Q&A

When was Algotec acquired by Philips?

Algotec was acquired by Philips in August 2019, becoming a fully owned subsidiary.

Who founded Algotec?

Algotec was founded by Menashe Benjamin in December 1992.

What was a previous acquisition of Algotec before Philips?

Algotec was acquired by the Eastman Kodak Company's Health Imaging Group in January 2003, and subsequently became a fully owned subsidiary of Carestream Health in 2007.

Which investors participated in Algotec's funding round?

In November 2002, Algotec secured funding from investors including Star Ventures.

What is Algotec's primary focus in the healthcare sector?

Algotec specializes in providing web-enabled solutions for medical image management, processing, and distribution to healthcare facilities.