TearLab Closes Acquisition of AOA's OcuHub Technology Platform

By

           Barry Barresi.
SAN DIEGO—TearLab Corporation (NASDAQ: TEAR and TSE: TLB) announced last Friday the closing of the acquisition of the assets of the OcuHub business unit from AOAExcel, Inc., the for-profit subsidiary of the American Optometric Association (AOA).

As of the close of the transaction, the OcuHub purchased assets and business activities will be operated out of a fully-owned subsidiary of TearLab. Barry Barresi, OcuHub's CEO and former executive director of the AOA, will remain CEO of TearLab's OcuHub subsidiary.

The pending deal was announced on Feb. 18 of this year, as reported by VMail. Friday’s announcement said the net purchase was approximately $1.4 million, paid in cash, and that TearLab is in the process of completing the analysis of the accounting treatment of the transaction.

OcuHub, powered by AT&T and Covisint, enables an effective and efficient shared care model with a single sign-on portal, which simplifies secure connectivity between doctors, patients, institutions and payers, the statement said. It is a subscription-based service that is HIPAA compliant and eliminates the need for a complex and expensive IT structure. In addition, eyecare practices of all sizes will be able to benefit from OcuHub's cloud-based technology advances and innovations, such as electronic medical records software, image management and storage, practice management tools and marketing programs, the company added.

"We believe that the OcuHub offering is completely aligned with our corporate mission to partner with the eyecare community to deliver innovative technologies that enable doctors to provide the highest quality of care for their patients," commented Elias Vamvakas, TearLab's CEO. "We are excited to welcome Barry and his team to the TearLab family and look forward to updating everyone on OcuHub's progress as we move forward."