Published on September 14, 2009 at 7:02 AM
Cardiac Science Corporation (Nasdaq: CSCX), a global leader in automated external defibrillator (AED) and diagnostic cardiac monitoring devices, announced a three-year agreement with Patni Computer Systems under which Patni will establish a dedicated design center in India and will expand Cardiac Science's existing in-house design and development capability.
"One of our strategies is to increase the volume and frequency of new product introductions, particularly in Cardiac Monitoring. We have great brands and distribution channels we want to better leverage," said Dave Marver, Cardiac Science president and chief executive officer. "This agreement provides us the resources and flexibility to pursue multiple new product development initiatives simultaneously."
Patni specializes in the design and engineering of Class II and III medical devices and is a global leader in providing high-quality, reliable, and cost effective Product Engineering and IT Services. Ajay Chamania, Patni's EVP and global head of product engineering services, said, "Patni has several years experience helping companies in the medical device industry reduce time and cost to market while ensuring complete regulatory compliance. We are thrilled with the opportunity to do the same for Cardiac Science."
"Our mandate is to increase the speed-to-market while keeping costs in check," said Bob Odell, senior vice president of strategy, design, and operations for Cardiac Science. "This agreement, like the Syncroness relationship we announced earlier this year, dramatically increases our engineering capacity and allows internal team members to focus on changing market dynamics, new customer solutions, and new revenue opportunities."
Source: Cardiac Science Corporation