Planet DDS has been a distribution partner for Apteryx’s XVWeb software platform.
Apteryx Imaging announced that it has entered into an arrangement agreement with PDDS Buyer LLC, a portfolio company of Level Equity Management LLC, through which its Planet DDS subsidiary will acquire 100% of the company’s outstanding common and preferred shares for CAD$0.65 per share in an all-cash transaction.
According to a press release from Apteryx, the price per share implies an aggregate equity value of the Apteryx of approximately CAD$39 million.
“We believe this transaction represents an excellent outcome for company shareholders,” said Avi Naider, Apteryx Executive Chairman of the board of directors. He added, “Planet DDS has been a growing and valuable distribution partner for the company’s XVWeb software platform for several years. After a thorough review by an independent special committee of our board of directors, whose mandate was to review our strategic options, capital needs, capital structure and future strategic direction of the company, we concluded that the combination with Planet DDS would provide the capital, management and clarity of focus to optimize the growth and performance of Apteryx and offers compelling value for our shareholders.”
Apteryx’s product portfolio includes the proprietary technologies XrayVision, XVWeb and XrayVision DCV imaging software solutions, the VELscope Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors.
“Planet DDS has been our most productive cloud partner and instrumental in our overall growth,” stated Apteryx CEO Dr. David Gane. “Our combined cloud software offerings are highly synergistic with proven market appeal and acceptance, especially among Dental Support Organization practices. I look forward to working with Eric [Giesecke, Planet DDS CEO] and the Planet DDS team and participating in their future success.”
Planet DDS provides cloud-based practice management software to the dental industry, including its flagship product Denticon.
“We’ve built a very special relationship with Apteryx over the past decade,” commented Giesecke. “One of our first and most important partners, Apteryx is the gold standard in dental imaging. Their value proposition to the growing DSO market mirrors that of our best-in-class cloud-based practice management software, Denticon. We’re excited to welcome the team at Apteryx to the Planet DDS family, and to further enhance the unique value proposition for our customers.”