Safeguard Scientifics Partner Company Propeller Health acquired by ResMed

Safeguard Scientifics, Inc. (NYSE: SFE) (Safeguard or the Company) today announced that its partner company, Propeller Health, has been acquired by ResMed (NYSE: RMD) (ASX: RMD) for $225 million in cash. Safeguard will receive total cash proceeds of $41.4 million, which excludes an amount of additional proceeds to be held in escrow, representing an approximate 3x cash-on-cash return and 34% IRR. Safeguard deployed $14.3 million in Propeller since August 2014 and had a 20% primary ownership position.

"The closing of the Propeller Health acquisition by ResMed brings together two exceptional teams dedicated to improving respiratory medicine with digital technology. This milestone is a harbinger of how digital tools will impact healthcare," said Gary J. Kurtzman, MD, Managing Director at Safeguard and former Board Member at Propeller Health.

"Safeguard continues to make significant progress in our ongoing efforts to support the growth of and monetization of our portfolio of partner companies," said Brian J. Sisko, Safeguard President and CEO.  "Our partner companies continue to gain real traction in their respective markets. Since we announced our strategy in January 2018, Safeguard has realized over $120 million in cash proceeds related to monetizations of our partner company interests."  Mr. Sisko reiterated that, "the Safeguard team remains committed to supporting our maturing portfolio, maximizing the overall value of our partner company holdings and monetizing such holdings, in both traditional and non-traditional ways, as opportunities arise."

About Safeguard Scientifics 
Historically, Safeguard Scientifics (NYSE:SFE) has provided capital and relevant expertise to fuel the growth of technology-driven businesses.  Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. 

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