ReWalk Robotics to acquire AlterG for $19M

ReWalk Robotics announced yesterday the execution of a definitive agreement to acquire AlterG, an innovator and provider of Anti-Gravity systems for use in physical and neurological rehabilitation. This transaction adds AlterG’s current and future product lines to ReWalk’s existing portfolio of neurorehabilitation products and is expected to substantially expand its customer-facing capabilities and advance future growth opportunities. AlterG is a leader in transformative technology that empowers people to recover mobility, improve wellness, and enhance physical performance. AlterG develops, manufactures, and markets Anti-Gravity systems, which use patented, NASA-derived Differential Air Pressure technology to reduce the effects of gravity and allow people to move in new ways with finely calibrated support and reduced pain. AlterG systems can be found in more than 4,000 facilities around the world and have helped millions to safely and consistently reach their goals and achieve better mobility outcomes. ReWalk will pay a cash purchase price of approximately $19M at closing, which is anticipated to occur on August 11. Closing of the transaction is subject to the satisfaction of customary closing conditions by the parties. Additional cash earnouts may be paid based upon a percentage of AlterG’s year-over-year future revenue growth over the next two years. With this acquisition of AlterG, ReWalk seeks to strengthen its long-term financial position and path to profitability. AlterG generated revenue of $20M in fiscal year 2022 with positive operating profit.