Medtronic plans to buy private medical technology company Affera for $925 million to expand its advanced ablation portfolio as doctors see more patients with arrhythmias.

The acquisition could close in the first half of Medtronic’s fiscal 2023, according to a company presentation shared Monday at JPMorgan’s annual healthcare conference.

Medtronic Chairman and CEO Jeff Martha said at the conference that the deal is in line with the company’s ongoing efforts to accelerate revenue growth through mergers and acquisitions.

“With Affera, we will be entering advanced cardiac mapping and navigation for the first time,” Martha said. “Enhancing our ability to compete head-to-head in this important high-growth market.”

In recent years, Medtronic has made many acquisition In the field of artificial intelligence as a way to increase emerging Technology and data analysis of its medical devices. The company is already a strategic investor in Affera with a 3% ownership.

Affera’s technologies include rapid cardiac mapping and navigation platforms for diagnosing cardiac arrhythmias and cardiac ablation catheters for delivering cardiac ablation therapy.

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Globally, atrial fibrillation affects nearly 60 million people and contributes $8 billion to the market for ablation products used to treat progressive disease and prevent heart failure, stroke and death.

Products designed and manufactured by Affera will add to Medtronic’s existing atrial and ventricular arrhythmia disease management portfolio and help the company deliver safe and effective cardiac ablation solutions.

“Affera provides technology that enables physician clients to improve clinical workflow, procedural efficiency and ultimately optimize patient care,” Stacy Beske, vice president of business strategy for Medtronic’s Cardiac Ablation Solutions, said in the release.

Currently, not all of Affera’s products are approved or marketed. In December 2021, the company said it was participating in an investigational device exemption trial from the U.S. Food and Drug Administration to evaluate the safety and efficacy of its system in the treatment of persistent atrial fibrillation.

In 2021, Medtronic changed its operating model, selecting leaders to manage divisions focused on more specific medical specialties and diseases, and setting performance incentives and compensation to match market share gains.

In the third quarter of this year, 14 of Medtronic’s 20 operating segments maintained or increased market share year-over-year, compared with just nine in the third quarter of 2020, according to the company’s JPMorgan Chase.