Selvas AI, a medical tech company, has become the largest shareholder of Mediana, a medical device manufacturer.
Mediana said Wednesday that the share transfer agreement between Selvas AI and its existing largest shareholder, signed in November last year, has been completed, making Selvas AI the largest shareholder of Mediana.
On Monday, Mediana held an extraordinary shareholder and board of directors meeting to appoint six new internal and external directors and elected Kwak Min-cheol as its new CEO. The following day, Selvas AI became the largest shareholder of Mediana by closing a stock purchase agreement to acquire 5,893,993 shares (31.69 percent) of Mediana's common stock.
As part of the transaction, Selvas AI acquired 5.2 million shares (32.0 percent) from Mediana's existing largest shareholder, CEO Khil Moon-jong, for about 73.2 billion won ($55.6 million).
With the completion of the payment for the 16.78 billion won third-party allotment capital increase, in which Selvas AI and Selvas Healthcare participated on Wednesday, Selvas AI and Selvas Healthcare have a combined stake of 37.52 percent in Mediana with 31.69 percent and 5.83 percent.
Selvas AI focuses on AI and voice recognition, and its subsidiary Selvas Healthcare commercializes digital healthcare devices, such as blood pressure monitors and body composition analyzers, as well as AI echocardiography by preparing to establish a joint venture with UltraSight, approved by the U.S. Food and Drug Administration. The company is also expanding its business in the AI medical field by promoting telemedicine in Indonesia.
Founded in 1993, Mediana is a medical device manufacturer that develops and sells patient monitoring devices, AEDs (automated external defibrillators), and body composition analyzers. Its main products are pulse oximeters and AEDs, which account for approximately 65 percent of Mediana's annual sales.
By integrating its AI' deep learning-based AI technology, AI recognition technology, IoT services, and medical diagnostic technology into Mediana's various hospital medical devices, Selvas AI plans to drive innovation in the medical technology market, including AI telemedicine.
Medtech is an abbreviation for medical technology, which means the convergence of medicine and technology. It is an advanced technology that can be applied to all areas of medicine and healthcare, including disease prevention, diagnosis, and treatment.
Former Mediana CEO Khil Moon-jong stepped down, and Selvas AI CEO Kwak Min-cheol has been appointed as the new CEO of Mediana. Selvas Healthcare CEO Yoo Byung-tak and Kim Jae-ho, head of the management support office, were appointed new members of Mediana's board of directors.
"With the combination of the three companies, we have both hardware technology competitiveness and AI and SW technology," new Mediana CEO Kwak said. “We will create full-scale growth in the domestic and global AI medical market by creating customer value while solving social problems and practically helping medical sites that lack specialized personnel with AI technology."