In May of 2011, a group of companies called VATECH Networks was formally launched. VATECH Networks was established after a spin-off of 8 companies that used to be divisions of VATECH.
To get a glimpse of what's behind VATECH Networks, let's go back in history.
In March of 1992, a Korean company named VATECH Sytem Co., Ltd. was established. VATECH System Co., Ltd. was a developer of Industrial X-ray systems. During those times, development of X-ray imaging systems for healthcare was yet untapped domestically. Drawing upon this niche market, VATECH System decided to venture into developing X-ray systems for the healthcare industry. One of the biggest precursor at that time was that in the overseas dental X-ray imaging market, a transition from analog (film) to digital was taking place . Thus, VATECH expected that a demand for such transition in the domestic (Korea) market needs to be addressed. Subsequently, PaX-300, the first ever digital dental panoramic X-ray system made in Korea, was successfully launched ten years since the company started. In 2002, the company switched business to the medical x-ray field and changed its name to VATECH Co., Ltd.
In 2005, VATECH launched Picasso Trio, the first product to be introduced worldwide to have a 3 in 1 characteristic. A 3 in 1 system is a digital dental x-ray imaging product that has Panoramic, Cephalometric, & CT units all compounded in one system.
VATECH have secured an outstanding 80% share of the domestic market demand for 3 in 1 products. Overseas, Picasso Trio was first introduced in the International Dental Show (IDS 2005), the world's largest dental exhibition, in Germany.
VATECH's growth doubled annually. Subsequently in 2006, VATECH Co., Ltd. was publicly listed and traded in KOSDAQ (#043150). In 2007, VATECH expanded business coverage into the Medical Field with the development of Medical Detectors. VATECH and Samsung Electronics co-developed the high-precision Flat Panel X-ray Detectors (FPXD).
In 2009, VATECH and Yonsei University formed (VYSION), a research agreement for dental imaging technology. VATECH was recognized domestically for being a world class company with world class products by MKE Korea, and a Prime Minister's Medical Device award. VATECH was also a Small & Medium Enterprise Awardee by the Foundation for Industrial Development. Internationally, PaX-Primo, a digital dental panoramic X-ray imaging equipment made by VATECH, was given design recognitions from such prestigious design giving bodies as the German iF Design Awards and Japan GD Good Design Awards. Also, in this year, we saw the domestic sales and service division of VATECH spun-off and become VATECH KOREA Co., Ltd. along with a factory expansion.
In 2010, VATECH Co., Ltd. was a 50 Million Dollars Export Awardee by the Korean government, as well an awardee during the Taxpayer's Day of the Ministry of Finance. VATECH products received more recognitions overseas such as the US MDEA Gold Award for PaX-Reve3D, Japan's GD Good Design Award for PaX-Uni3D, and a German RedDot Award for PaX-Primo. With the company growing, each specialized divisions of VATECH such as the manufacturing, R&D, Software Development, Sensor Technology, Sales & Services for dental and medical fields have started to spin-off and form into subsidiary companies.
By the early part of 2011, the Global business division of VATECH spun-off and become VATECH Global Co., Ltd., while the DR Division spun-off and became RAYENCE Co., Ltd.
Along with the celebration of the 9th founding anniversary of VATECH last May 27th 2011, the VATECH Networks was formally introduced. VATECH Networks presented eight (8) subsidiary companies working along in accordance with the mission & vision of VATECH Networks. VATECH Networks create innovative medical devices that ensure a healthier humanity. And working to become the leading-edge medical device provider that represents Korea in the global market.
The eight (8) subsidiary companies that make up the VATECH Networks varies in business areas and specializations such as sales & services; comprehensive devices manufacturing services; manufacturing of dental X-ray systems; diagnostic mammography systems, and veterinary X-ray systems; sensor and software development.
The following is the synopsis of the 8 subsidiary companies that make up VATECH Networks:
VATECH Co., Ltd. : Dental X-ray Systems Manufacturing Company
HUMANRAY Co., Ltd. : Core X-ray Solutions Provider
RAYENCE Co., Ltd. : Digital X-ray provider, specially for veterinary
VATECH Korea Co., Ltd. : Domestic X-ray Systems sales & services
VATECH Global Co., Ltd. : Worldwide X-ray Systems sales & services
VATECH ENG Co., Ltd. : Medical Systems manufacturing service company
VATECH EWOO Holdings Co., Ltd. : The holding company
VATECH S & C Co., Ltd. : Total food service and corporate culture
