Imaging giant Philips announced Tuesday that it’s acquiring patient-monitoring and medical device integration firm Capsule Technologies for $635 million.

Around since 1997 and based in Andover, Massachusetts, the company helps hospitals and other healthcare organizations connect devices and EHRs through its vendor-neutral system. Philips called the deal a “strong fit” for its portfolio of products that also includes solutions in real-time patient monitoring, therapeutics, telehealth, informatics and interoperability.

“The acquisition of Capsule will further expand our patient care management offering,” Roy Jakobs, chief business leader of connected care at Royal Philips, said in a statement. “We look forward to integrating our strengths, adding a vendor-neutral medical device integration platform that further unlocks the power of medical device data to enhance patient monitoring and management, improve collaboration and streamline workflows in the ICU, as well as other care settings in the hospital and beyond its walls.”

Philips noted that the Capsule Medical Device Information Platform also monitors vital signs, among other features, and helps transform data into actionable information to better manage each patient. Currently, the smaller firm serves some 2,800 hospitals and other providers in 40 countries. Its research and development teams are stationed in both the U.S. and France, and in 2020, the firm tallied sales of $100 million, with “strong” double-digit growth. Much of that stems from Capsule’s software-as-a-service licensing revenues, according to the announcement.

Philips said it hopes to close the deal in the first quarter of 2021, subject to regulatory approval outside of the U.S. When finalized, Capsule’s 300 employees will become part of Philips’ connected care division.