Boston Scientific Buys Securus For $40 Million

Boston Scientific has acquired Securus Medical Group for $40 million.

Securus’ shareholders, some of whom are in Northeast Ohio, could earn another $10 million if the medical device company hits certain regulatory and commercialization milestones, according to a news release from Boston Scientific, a Fortune 500 medical device company.

Securus’ Cleveland-based CEO, Steven Girouard, will transition to a consulting role. The company’s five other employees in Beverly, Mass., “will remain in place throughout 2018 and will be augmented with additional quality, operations, and engineering personnel from within Boston Scientific,” according to an email from Trish Backes, a spokeswoman for Boston Scientific.

Securus’ device is designed to monitor the temperature of the esophagus to ensure that it isn’t damaged during cardiac ablation procedures.

Securus has raised money from a few local organizations, including JumpStart, a Cleveland nonprofit that works with local entrepreneurs; the Cleveland office of St. Louis-based RiverVest Venture Partners; and The Global Cardiovascular Innovation Center, a state-funded economic development organization led by the Cleveland Clinic.

Boston Scientific already owned a stake in Securus: It led a $10 million investment round that closed in mid-2016.

This story originally appeared on Crain’s Cleveland Business.