Foresight 3 VCT PLC Foresight 3 Vct Plc : Trading Statement


 
TIDMFTD 
 
 
   Foresight Group announces successful sale of OrthoView Holdings Limited 
to NASDAQ listed Materialise NV 
 
   Foresight Group (Foresight) is delighted to announce, on behalf of the 
Board of Foresight 3 VCT plc (F3), that it has completed the successful 
sale of Southampton based OrthoView Holdings Limited (the Company) to 
Materialise NV (Materialise). Materialise has acquired OrthoView for 
GBP8.47 million in cash. 
 
   OrthoView software is used by surgeons worldwide to pre-operatively plan 
orthopaedic surgeries. The OrthoView solution enables digital x-ray 
images to be scaled to size and provides a comprehensive online library 
of over 160,000 digital orthopaedic prosthesis templates. 
 
   Foresight 3 VCT plc first invested in OrthoView (then Meridian Technique 
Limited) in 2003, at an early stage in the Company's development. Over 
the years, OrthoView has developed partnerships with many of the major 
healthcare IT suppliers, including GE Healthcare, Philips, Agfa and 
Mckesson. OrthoView has become the world leader in its sector, serving 
more than 10,000 surgeons across the UK, USA, Europe and numerous other 
geographies. 
 
   Materialise is a leading provider of additive manufacturing software and 
of sophisticated 3D printing solutions in the medical and industrial 
markets. The transaction combines the foremost business in the 
templating of x-ray images with Materialise's market-leading position in 
3D pre-operative planning tools to provide surgeons and hospitals a 
one-stop shop for surgical planning software tools and corresponding 3D 
printed medical devices. 
 
   At 30 June 2014, F3's valuation of its shareholding in OrthoView was 
GBP896,514. Under the terms of the sale to Materialise, F3's initial 
consideration from the sale is c.GBP1.12m, with a further GBP234k of 
consideration placed in escrow in support of warranties, to be released 
to F3 in two tranches over 24 months. 
 
   James Livingston, Director of Foresight and OrthoView (until completion) 
commented "We are delighted to have supported OrthoView on its journey 
to become the global leader in its target market. The management team 
has continually developed the product range to maintain its technical 
leadership whilst also developing partnerships with some of the world's 
largest healthcare IT businesses, allowing OrthoView to scale worldwide. 
We are confident the strong synergies with Materialise will allow 
OrthoView to flourish in the next phase of its development." 
 
   John Chambers, CEO of OrthoView says, "Our journey from technical 
innovator to global player has been thanks, in no small part, to the 
continued support of James and Foresight. At each stage Foresight has 
worked closely with us, from supporting international expansion to 
introducing the right advisory team to optimise the eventual exit. We 
look forward to the future with Materialise, our team can now further 
expand the solutions we offer to surgeons worldwide." 
 
   ENDS 
 
   For further information, please contact: 
 
   Ben Thompson: bthompson@foresightgroup.eu / 020 3667 8155 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight 3 VCT PLC via Globenewswire 
 
   HUG#1864519 
 
 
  http://www.foresightgroup.eu/

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