London-based investor Hg has agreed the sale of Intelerad, a global leader in medical imaging software solutions, to GE HealthCare in a transaction valued at approximately $2.3 billion.
Hg is an investor in European and transatlantic software, services. and data businesses. It will fully exit its majority shareholding in Intelerad, while TA Associates and Ardan Equity will exit minority positions in the business.
Hg partnered on the original Intelerad investment with Ardan Equity. During Hg’s ownership, Canada-based Intelerad has increased its revenue by over 3.5 times, transforming it into one of the world’s leading enterprise imaging platforms.
The business now serves 1,500+ global customers, supports over 230 million exams per year, and manages 8 billion medical images across its network.
US firm GE HealthCare and Intelerad will together empower radiologists and clinicians to work more efficiently, by streamlining imaging workflows and enabling greater diagnostic throughput.
The combined organisation aims to enhance productivity and patient outcomes through a connected, cloud-enabled offering that unites imaging data across healthcare settings and provides clinicians with actionable insights at the point of care.
“This marks an exciting new chapter for Intelerad and our customers,” said Jordan Bazinsky, CEO at Intelerad. “By joining GE HealthCare, we can combine our innovative, cloud-based imaging solutions with GE’s global reach and scale.
“We’re grateful to Hg for their strategic support over the past five years. Together we’ve made major strides in product innovation, executed eight acquisitions, and expanded into new customer segments.
“This has given us a strong foundation for this next step in our journey with GE Healthcare as we accelerate our vision for a truly connected ecosystem for clinicians and improve patient care through smarter, faster, and more collaborative technology.”
Hector Guinness and Laura Grattan, partners at Hg, commented: “Our partnership with Intelerad has been an outstanding journey of innovation, growth, and leadership in healthcare technology. We are incredibly proud of what the team has achieved and are confident that joining GE HealthCare will allow Intelerad to continue expanding its impact on global healthcare delivery.”
Dr Katherine Wiles, principal at Hg, added: “The digital transformation of healthcare is accelerating, driven by intelligent software that connects clinicians, patients, and data. Intelerad has been at the forefront of this shift, enabling faster, more informed clinical decisions through innovation and integration.
“I’m delighted to have supported that mission and I’m excited to see how the combination of Intelerad’s imaging software expertise and GE’s commitment to innovation continues to drive improved patient outcomes.”
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