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US company acquires a controlling stake in Kvikna Medical

Alliance Family of Companies has acquired a controlling stake in the Icelandic technology company, Kvikna Medical.

Kvikna Medical designs and manufactures software for the uptake and processing of health data. More specifically, Kvikna Medical offers robust patient management systems; a review system for clinical EEG, including automatic artifact removal, seizure detection algorithm and web review; and educational and research applications in the field of EEG.

Garðar Þorvarðarson, Managing Director of Kvikna Medical, indicates that the investment will help strengthen Kvikna Medical's extensive operations in Iceland, as well as boosting its marketing power in foreign markets from Iceland: “Having Alliance buying into Kvikna Medical is a great acknowledgment for the work that has been done here and confirms that we are on the right track.”

Alliance Family of Companies offers diagnostic services for neurological diseases and is one of the largest companies in the United States, as well as listed on the Inc. 500 list of the fastest growing companies in the United States.

Continuing its research and development, with marketing and sales from Iceland, companies like Kvikna Medical may capitalize on new financial incentives from the Icelandic government. Currently companies that carry out research and development projects can apply for a tax credit; 20% of the actual R&D cost, but with a ceiling. In 2019, the Icelandic government will remove the annual tax credit ceiling, allowing 20% R&D cost generated in the year 2019 to be reimbursed without limitations.

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