Technology group Halma has agreed to acquire French diagnostics specialist Dreampath Diagnostics for an initial €154m (£132m), its third acquisition in around a week.

Based in Strasbourg, Dreampath develops automated systems that enable pathology laboratories to safely track, store and manage patient tissue samples throughout the diagnostic process.

The business is forecast to generate annual revenue of about €33m (£28m) and will operate as a standalone company within Halma's healthcare sector under its existing management team.

Buckinghamshire-based Halma doesn't operate as a single company. Instead, it owns around 50 autonomous technology businesses, typically market leaders in niche areas with strong margins and critical products.

The acquisition expands Halma's healthcare portfolio, specifically its capabilities in tissue sample traceability, archiving and lifecycle management, complementing its existing healthcare technology portfolio. Dreampath's platform combines hardware, software and recurring consumable revenues to automate the storage and retrieval of patient samples, improving traceability, reducing identification risks and increasing efficiency in a highly regulated part of the diagnostic process.

The deal, which includes a further earn-out of up to €121m (£104m), follows Halma's acquisitions of itemedical and Naslund Medical earlier this month as the group continues its focus on acquiring niche healthcare technology businesses with recurring revenues.

Halma generated record revenue of £2.582bn in the year to 31 March, while Dreampath's annual revenue is forecast at around €33m, making it a relatively small bolt-on acquisition for the group.

Halma CEO Marc Ronchetti said the new business operates in a growing area of diagnostics at a time when rising rates of chronic disease as populations age. "It strengthens our Healthcare Sector by adding complementary capabilities and broadening our portfolio of technologies that support safer, more efficient and effective care," Ronchetti said.

Pablo Jordan, CEO of Dreampath, added: "We are excited to join Halma at an important point in Dreampath's journey. We were looking for a long-term home that would value what makes Dreampath distinctive, support our people and culture, and help us accelerate our growth to continue protecting patients, sample by sample. Halma offers that combination of autonomy, ambition and support. We are pleased to become part of the Group and look forward to the opportunities ahead."

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