“This agreement constitutes a first step to implementing our strategic plan to expand our product offering beyond image enhancement”
ContextVision® (COV) (OSE:COV), the software imaging partner for the most recognized medical imaging manufacturers worldwide, today is pleased to announce that it has entered into a strategic collaboration with Neusoft Medical Systems Co., Ltd (Neusoft Medical, hereafter "NMS"), a leading provider of a broad range of medical equipment & IT solutions and healthcare services in China. NMS is a wholly-owned subsidiary of Neusoft Corporation, which is a leading IT solutions and services provider in China with revenue in excess of $600 million in 2009.
The strategic partnership is designed to allow for the two independent market leaders to pool their best-in-class expertise and technologies to bring out new, highly competitive software products to the expanding medical imaging marketplace. Initially, during the first year of collaboration, certain NMS imaging software modules will be modified and sold by ContextVision to OEM customers worldwide. Such products are complementary to COV's current product offering. In a second step, it is expected that certain NMS' imaging modalities and COV's proprietary GOPView technology will be integrated into new industry leading products to reach the market by early 2012. Further, this partnership will lead to future joint products being developed.
"This agreement constitutes a first step to implementing our strategic plan to expand our product offering beyond image enhancement," said Anita Tollstadius, CEO of ContextVision. "A set of products will be developed together and, although we will have a period of investment, we expect our efforts to lead to substantial sales growth within three years. The agreement allows us to accelerate the development of new products with additional clinical and diagnostic value as we gain access to NMS' demonstrated, significant product development capabilities. As a result of this strategic collaboration, we will also expand and invest in our sales and marketing organisation over the next 12 months. It is a transformational event, providing us with many opportunities, which I am very excited about and happy to be a part of".
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