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Medtech company finds support to enter and grow in the U.S.

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RaySearch Laboratories AB of Stockholm saw a need to establish a company and initiate the sales of their software for cancer radiation therapy on the U.S. market. Business Sweden helped RaySearch achieve this goal by providing and maintaining administrative support for their newly formed U.S. subsidiary.

RaySearch Laboratories is a medical technology company that develops software for radiation therapy of cancer. The company’s products are used to enhance the efficiency, quality, and safety of radiation therapy by optimizing the radiation dose for each individual cancer patient. Their products had historically been sold as part of different commercial clients’ systems, but RaySearch recognized the need to go direct to the worldwide market in 2011. Because RaySearch’s primary function was software development, the company knew that they needed a U.S.-based company to handle sales, support and training for North and South America. 

Business Sweden offered RaySearch a Business Support Office service that included bookkeeping, virtual office, accounting, tax and annual reporting, payroll service, and other similar tasks. By tasking Business Sweden with the administrative dealings, RaySearch Americas Inc. now has more time to concentrate on establishing their presence and increasing sales in the U.S.  

PERFECT EXAMPLE OF A CLASSIC GROWTH PATTERN

RaySearch approached Business Sweden when they were just starting out their U.S. operations in 2011. 

“RaySearch has been an ideal example of how Swedish technology can really impact the U.S. market,” says Cynthia Finstad, Senior Accountant at Business Sweden. “RaySearch’s licenses have been implemented hospitals throughout the United States and Canada, and Business Sweden was there every step of the way.” 

Business Sweden also provides RaySearch with ad-hoc support in the Canadian market. Collaboration between Business Sweden’s U.S. and Canadian offices clarified the intricacies of the American and Canadian tax systems. Business Sweden also supports with inquiries and information on a regular basis as needed by RaySearch.  

A TEAM EFFORT LEADS TO CONTINUED SUCCESS

“As a growing company, Business Sweden assisted us with understanding and managing the business landscape requirements in the U.S. This helped us to focus on our business and concentrate on what it takes to grow,” notes Marc Mlyn, President, RaySearch Americas, Inc. 

RaySearch started the American operations with three people, and now with their sales and marketing efforts – combined with Business Sweden’s back office support – RaySearch Americas has grown to be a 20-member team. This growth has also supported RaySearch Laboratories AB in Sweden and helped the mother organization grow to 200 employees.

As RaySearch began to expand, things grew increasingly complicated administratively. At this point, Business Sweden helped recruit a human resources firm based in Chicago. This partner organization handled many HR-related services while Business Sweden concentrated on the back-end administration and accounts receivable. With each individual party focusing on different aspects of the operation, business boomed for RaySearch, and they achieved significant success in a highly competitive space. 

“There was an underlying trust between Business Sweden, the RaySearch mother company in Sweden, and the newly formed subsidiary with checks and balances that made everyone very comfortable. This worked out well between all three stakeholders. All in all, I would say that we are thankful and pleased with the services Business Sweden has provided to us, and everything has worked out really well.  We believe that our growth will continue exponentially, and we feel it was critical to have the kind of support that we did when we first started the company” says Marc.

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Greg Babel

Associate San Francisco Associate, San Francisco
+1 415 835 3003
E-mail greg.babel@business-sweden.se
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Cynthia Finstad

Consultant, Accountant Chicago Consultant, Accountant, Chicago
+1 312 781 6238
E-mail cynthia.finstad@business-sweden.se