In what is categorized as a partnership, a press release issued by Sivantos USA, announced it plans to acquire TruHearing, a third-party hearing aid contractor. The press release was issued on April 5. The transaction is subject to standard regulatory approvals and financial details will remain confidential.
According to the press release “Sivantos’ partnership with TruHearing enables hearing care professional (HCP) customers to benefit from a steady stream of qualified patient referrals to grow their practices in an increasingly crowded marketplace.”
Third Party Provider Growth Continues in Hearing Industry
“As the growth of third-party providers in the hearing industry continues, we recognized the opportunity to join forces with TruHearing, one of the leading players in the space. As a result of this partnership, we will be better equipped to meet the needs of our HCP customers and deliver new ways for them to serve more patients. It also puts us at the forefront of a rapidly changing and always growing market at a crucial time.” –Steve Mahon, CEO of Sivantos USA
With the addition of TruHearing, Sivantos (parent company to hearing aid brands Signia and Rexton), which also operates HearUSA and hear.com, further expands its industry presence. TruHearing has approximately 170 employees in Salt Lake City, Utah.
Within Sivantos, TruHearing will remain an independent business managed from its Salt Lake City headquarters. Tommy Macdonald, CEO of TruHearing, will now be part of the Sivantos management team and continue to lead the TruHearing business.