Anzu Partners has sold Axsun Technologies, a provider of MEMS-based optical engines for medical imaging, industrial spectroscopy and optical telecommunications, to Excelitas Technologies Corp. No financial terms were disclosed. Needham & Company LLC served as financial adviser to Axsun on the deal.
WASHINGTON, Jan. 2, 2019 /PRNewswire/ — Anzu Partners, a venture capital and private equity firm that invests in breakthrough industrial technologies, today announced that it has completed the sale transaction of Axsun Technologies to Excelitas Technologies Corp. The terms of the deal were not disclosed.
Axsun Technologies is a leading developer and supplier of MEMS-based optical engines for medical imaging, industrial spectroscopy, and optical telecommunications. Axsun’s optical engines enable many of the worlds leading optical coherence tomography (OCT) imaging systems used by opthalmologists, cardiologists, and other medical specialists. In recent years, Axsun has shipped more than 15,000 devices for these applications.
Anzu Partners acquired Axsun from Volcano Corporation, a subsidiary of Royal Philips N.V., in October, 2015.
“Our partnership with Anzu Partners has been outstanding, and we are grateful for their investment and support which has enabled us to achieve our goals, enter new markets, and has been a catalyst for tremendous technology development,” said Jonathan Hartmann, CEO of Axsun Technologies. “The work we have done together will be beneficial to our customers in healthcare and other emerging growth markets for years to come.”
“The management team led a series of extraordinary operational and scientific advances in the past three years, and we are excited to see future accomplishments under Excelitas’ leadership,” said Whitney Haring-Smith, Managing Partner at Anzu Partners.
Needham & Company LLC served as financial advisor, Cooley LLP and Neal, Gerber & Eisenberg LLP served as counsel, and WIPFLi LLP served as accountants for Axsun in the transaction.
About Anzu Partners
Anzu Partners is a venture capital and private equity firm that invests in breakthrough industrial technologies. Anzu teams with entrepreneurs to develop and commercialize technological innovations by providing capital and deep expertise in business development, market positioning, global connectivity, and operations. For more information, please visit https://anzupartners.com.
About Axsun Technologies
Axsun Technologies, Inc., established in 1998, develops and manufactures MEMS-based optical engines for medical imaging, industrial spectroscopy and optical telecommunications applications. Through its expertise in micro-optics, packaging and precision engineering, Axsun has pioneered an entirely new class of high-performance, miniaturized instruments and devices enabling a dramatic shift from lab-based measurements to on-line, at-line and in-vivo measurements. For more information, please visit https://www.axsun.com.