AFP Imaging buys Visiplex Instruments

AFP Imaging has purchased the assets of multiformat camera supplierand digital imaging developer Visiplex Instruments, with whomAFP has shared office space since last year. The purchase representsyet another evolution for Visiplex, which was formed in a management-ledbuyout of Agfa's Matrix multiformat camera business in Orangeburg,NJ (SCAN 7/14/93). Agfa acquired Matrix in 1988.

AFP of Elmsford, NY, made the purchase to expand its presencein image capture systems as a complement to its film processorline, according to AFP chairman David Vozick. The acquisitionculminates several months of increasingly close ties between thefirms. To cut costs, Visiplex moved into AFP's headquarters lastOctober and the companies shared booth space at last year's RadiologicalSociety of North America meeting.

Prior to last month's purchase, Visiplex had pursued a strategyof using acquisition to build its stable of multiformat cameraswhile at the same time establishing a beachhead in digital imagingthrough the acquisition of PACS developer Genesys in 1994 (SCAN8/10/94).

The reliance on multiformat cameras, a segment that has beenhit hard by the arrival of digital imaging, may have hurt Visiplex.When Visiplex was formed in 1993, company officials said the Orangeburgfacility had revenues of $25 million. In announcing its acquisitionof Visiplex last month, AFP said Visiplex had revenues of $10million.

AFP's Vozick declined to comment on the financial performanceof Visiplex other than to say that AFP was satisfied with the$5.6 million price it paid for the new unit.

AFP will emphasize the digital imaging products Visiplex acquiredthrough Genesys, such as its Imlogix display monitors and FilmFaxteleradiology system. The company plans to become a componentssupplier to PACS developers rather than market large-scale PACSproducts itself.

"We are pursuing digital imaging products on a broad scaleand are evaluating our role in miniPACS components," Vozicksaid. "We have no desire to compete with our customers onthe level of full PACS systems."