Chinese investment fund XIO Group reached a deal with Israeli medical device company Lumenis Ltd. to acquire Lumenis for $14 per share in cash for an aggregate purchase price of $510 million. Lumenis is a leading medical company that has advanced surgical, ophthalmological, and aesthetic light-based laser solutions and has been in operation for almost 50 years.

While Lumenis cannot technically be considered a startup since it went public on NASDAQ in February 2014, the purchase does mark the largest buyout of an Israeli tech company so far this year. Francisco Partners’ acquisition of ClickSoftware for $433 million and Pitney Bows’ acquisition of Borderfree for $450 million have been the second and third largest acquisitions thus far this year, and January saw a particularly large number of acquisitions.

CEO Tzipi Ozer-Armon said in a statement, “This acquisition is a strong recognition and vote of confidence in Lumenis’ achievements and its employees, and I am excited about the future prospects of Lumenis. Over the past three years, we have managed to transform Lumenis into a strong, growing, and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA. Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition. I am confident that we will continue to thrive and reach new heights together with XIO Group.”

Lumenis chairman Harel Beit-On said, “Over the last years, we had an opportunity to lead Lumenis through a strategic transformation into a valuable growing business with global appeal. We respect and appreciate the efforts of Lumenis management and employees and wish the company continued success.”

XIO Group is a global alternative investments firm with teams in London, Shanghai, and Hong Kong.

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