LONDON: Halma plc, the UK-listed group known for its life-saving technology businesses, has announced a deal to acquire Dreampath Diagnostics, a French company specializing in automated sample-tracking systems for pathology labs.
What Dreampath Does
Based in Strasbourg, Dreampath has built its reputation as a leading provider of automated systems that help anatomical pathology labs safely store, track, and manage patient tissue samples throughout the diagnostic process.
The need for this kind of technology is growing. International regulations now require tissue samples to be retained for at least 10 years, creating pressure on labs to find secure, traceable, and scalable storage solutions. Dreampath’s platform addresses this by automating what has traditionally been a manual process—reducing the risk of mislabeled or lost samples while boosting efficiency in a part of the patient journey where mistakes can have serious consequences.
The company’s offering combines hardware, software, and consumables in a closed-loop system, with a high proportion of recurring revenue built in—managing tissue samples from collection through to long-term storage.
The Numbers
Halma will pay an initial €154m (about £132m) in cash, on a cash- and debt-free basis, funded through its existing credit facilities. A further earn-out of up to €121m (roughly £104m) could follow, tied to performance over two years ending 31 March 2027 and 2028, split 38%/62% respectively.
Dreampath is forecast to generate €33m (about £28m) in revenue for the 12 months to 31 March 2027.
Strategic Fit
The acquisition slots into Halma’s Healthcare Sector, adding new capabilities in tissue sample traceability, archiving, and lifecycle management—complementing its existing Healthcare Enablement portfolio. Dreampath will continue operating as a standalone business within the group, retaining its current management team.
What They’re Saying
Marc Ronchetti, Group Chief Executive of Halma, framed the deal as a bet on long-term healthcare trends: “Dreampath is a high-quality business in a growing area of diagnostics, driven by increasing demand for better healthcare, more testing alongside new treatments, and 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. We are pleased to welcome Dreampath to Halma.”
Pablo Jordan, CEO of Dreampath, said the move gives the company a stable platform for future growth: “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. We thank all employees and our shareholders for their support getting us here.”
