Axsun Technologies announces acquisition and growth capital investment by Anzu Partners

Financial backing to fuel Axsun growth and product development

Oct 19, 2015, 12:49 ET from Axsun Technologies

BILLERICA, Mass., Oct. 19, 2015 /PRNewswire/ -- Axsun Technologies announced that it has been successfully divested from Volcano Corporation, a subsidiary of Royal Philips, and acquired by Anzu Partners, an investment firm based in Washington DC.  As part of the transaction, Axsun received a significant infusion of growth capital and an affiliate of Anzu Partners purchased the 65,000 square foot building in Billerica, MA that houses Axsun's operations.

Axsun's experienced management team will remain in place. Jonathan Hartmann, currently VP/GM will lead the newly independent Axsun as CEO. Peter Whitney will continue as Chief Science Officer and VP of Engineering, leading technology and product development. Chris Baldwin will continue to serve as Chief Financial Officer, and Bill Ahern will continue to lead sales and business development.  Mr. Hartmann and Dr. Whitney have joined the Axsun Board of Directors.

"Axsun's customer-focused R&D, engineering, manufacturing, and sales teams are excited about the opportunity to deliver high-value products for our customers.  We will use this new investment and independence to develop the next generation of optical engines for use in Medical, Industrial, and Telecom applications," commented Hartmann.

"Over the past year, Axsun Technologies has focused on significant manufacturing process improvements, and the new investment will enable ground-breaking product enhancements.  As an independent company, Axsun will continue its leadership position in producing high-performance, compact optical engines for medical imaging, industrial analyzers, and telecommunications," added Peter Whitney.

The senior management team is available to answer any questions that current customers or partners may have about the transaction. Email addresses will follow the standard format of prior Volcano addresses, but can now be reached at @axsun.com.

About Axsun Technologies

Axsun Technologies Inc., established in 1998, develops and manufactures industry-leading optical coherence tomography (OCT) and near-infrared (NIR) MEMS-based optical engines for medical imaging, industrial analyzers, and telecommunications. Through its expertise in micro-optics, packaging and precision engineering, Axsun has pioneered an entirely new class of high-performance, miniaturized instruments and devices enabling a dramatic shift from lab-based measurements to on-line, at-line and in-vivo measurements, without compromising performance.

About Anzu Partners

Anzu Partners is an investment firm based in Washington DC. Anzu Partners teams with entrepreneurs and strategic players to transform their industries with investment and insight. The firm invests broadly across industrial and consumer segments, including photonics technology companies.

Axsun Technologies
www.axsun.com

SOURCE Axsun Technologies



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