i-SENS, a local in vitro diagnostics company, has acquired AgaMatrix, a U.S. blood glucose measuring device manufacturer.

According to a public filing made by the company, i-SENS will acquire 52.57 million shares of AgaMatrix for about 36.1 billion won ($26.9 million). Following the acquisition, i-SENS will hold a 100 percent stake in AgaMatrix. The scheduled date of acquisition is June 16.

Founded in 2001, AgaMatrix develops, manufactures, and markets solutions for blood glucose monitoring and data management on mobile and cloud platforms.

AgaMatrix's products are supplied to CVS Pharmacy, the largest pharmaceutical retailer in the U.S., and Sanofi and Alliance Healthcare in Europe. The company is also a major U.S. OEM (original equipment manufacturing) and ODM (original development and design manufacturing) customer of i-SENS.

After the acquisition, i-SENS plans to expand its distribution network for its continuous glucose monitors, which are receiving domestic and foreign product approvals.

"The purpose of this acquisition is to expand the market through major customers and create new business synergies," an i-SENS official said.