Investment firm Orion Healthcare Ventures LLC has acquired diagnostic systems vendor Aspyra Inc. for an undisclosed sum.

Westlake, Calif.-based Aspyra sells laboratory, anatomic pathology, radiology, and picture archiving and communication systems. The company voluntarily delisted from the AMEX stock exchange in 2009 and has been approached by several private equity firms and larger companies during the past year with offers that were not in the best interest of stakeholders, says CEO Ade Lawal.

In its last quarterly report before delisting, Aspyra reported a net loss of $4.8 million during the first nine months of 2009, compared with a $3.1 million loss during the same period a year earlier. Revenue during the nine months fell 11.7 percent to $5.9 million. The company generated positive cash flow in 2010 according to Orion Healthcare Ventures.

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--Joseph Goedert


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