Cochlear Ltd, a leading implantable device manufacturer, announced on May 11 the acquisition of Sycle LLC. Sycle is one of the world’s largest providers of audiology practice management software. Sycle software is said to be used by over 7,000 clinics in the US, UK and Canada. In the US, Sycle has an estimated 70% market share.
According to reports, the acquisition price was $78 million, with $56 million cash and up to $22 million over three years based on Sycle’s performance.
Sycle is a cloud-based practice management company was founded in 2001. It was one of the first cloud-based practice management systems that integrates several processes such as patient clinical data, financing, reimbursement and marketing campaigns into one web-based system. A San Francisco-based company, Sycle has approximately 80 employees.
Acquisition to Enhance Brand; Provide Valuable Insights
According to a Cochlear press release, their acquisition of Sycle will allow for immediate help to achieve further market penetration and raise awareness of the Cochlear brand in audiology practices. The vertical integration of Sycle is also believed to provide Cochlear with valuable insights into the behavior and practice management of hearing professionals, as well as provide the potential to identify and flag those patients for whom an auditory or cochlear implant might be the best option.
Cochlear is a medical device company that designs, manufactures and supplies the Nucleus cochlear implant, the Hybrid electro-acoustic implant and the Baha bone conduction implant. It is a public traded company (ASX: COH) is based in Sydney, Australia.
