Agilent Technologies Inc (NYSE:A), a provider of analytical and clinical laboratory technologies, announced on Tuesday that it has signed a definitive agreement to acquire Proscia, a provider of digital pathology software for clinical and life-sciences customers.

The all-cash transaction is valued at USD240m at closing, plus an additional USD30m contingent on future performance milestones.

Proscia serves more than 4,000 laboratories, hospitals and clinics across the United States and Europe, as well as 16 of the top 20 pharmaceutical companies, generating more than USD18m in trailing 12-month revenue. Its platform integrates slide scanners, laboratory information systems, image-analysis applications, artificial intelligence tools and workflow management.

This acquisition builds on Agilent's pathology portfolio expansion and a distribution partnership established with Proscia in September 2022. The combination will integrate Proscia's digital pathology platform, which has FDA 510(k) clearance for primary diagnosis, with Agilent's pathology instruments and reagents.

Agilent expects the deal to strengthen its companion diagnostics and biopharmaceutical drug discovery offerings by leveraging Proscia's real-world data and AI capabilities. Proscia's recurring-revenue model is also expected to expand Agilent's high-growth, high-margin software business.

The transaction remains subject to customary closing conditions and is expected to close early in Agilent's fiscal 2027. Following completion, Proscia will join Agilent's Life Sciences and Diagnostics Markets Group.