News | Radiology Business | January 27, 2020

Private Equity Investor Hg Acquires Intelerad Medical Systems

Intelerad will look to use this new investment and expertise to maximize client business and health outcomes through innovation and operational excellence 

Image by Adam Radosavljevic from Pixabay 

January 27, 2020 —  Hg, a specialist private equity investor focused on software and service businesses, announced that it has finalized an agreement for an investment in Intelerad Medical Systems, a leading global provider of medical imaging software and enterprise workflow solutions. The terms of the transaction are not disclosed. The transaction is expected to close in the first quarter of 2020, following satisfaction of customary regulatory approvals. 

Founded in 1999, Intelerad is a medical imaging software provider that specialises in diagnostic viewing, reporting and collaboration solutions for radiologists. Headquartered in Montreal, Intelerad has over 400 employees located in various offices in Canada, the United States, the United Kingdom and Australia. The company serves over 300 healthcare organizations around the world, including radiology groups, imaging centers, clinics and reading groups, and has a strong and growing presence in hospital imaging departments. Intelerad was awarded Best in KLAS recognitions, ranking #1 for PACS Canada and #1 for PACS Asia/Oceania in the 2019 Best in KLAS: Global Software (Non-US) report. 

Hg recognizes Intelerad’s leading role in supporting radiologists globally to deliver highly accurate diagnoses at optimum productivity. The business is a key enabler of healthcare delivery against a backdrop of increasing global demands in radiology, for scalable and more efficient imaging, data management and workflow solutions. Intelerad is led by a highly-talented team who have developed powerful solutions for radiologists, offering both efficiency and a premium service that helps create superior outcomes for both patients and healthcare providers. 

Healthcare technology is a core sector for Hg, with an investment focus on healthcare operations, core systems, life sciences digitization, interoperability and population health. Intelerad represents the 5th healthcare technology investment in Hg’s current portfolio, joining Rhapsody + Corepoint, a global leader in healthcare interoperability and data liquidity solutions; Allocate Software, a global provider of healthcare workforce and risk management software; Evaluate, which supplies mission-critical commercial information to the pharmaceutical industry globally; and Medifox, which provides software solutions to ambulatory care services, elderly care homes and therapists. 

Hg’s investment will be made from the Hg Genesis 8 Fund and represents the firm’s first investment in Canada and second investment led by the New York office, since opening in 2019. The Hg team was led by Gero Wittemann, Hector Guinness, J-B Brian and David Issott. 

Under the terms of the agreement, Hg will acquire Intelerad from Novacap’s TMT IV Fund, and its founders, management and employee shareholders who will all be re-investing into the business alongside Hg. 

Paul Lepage, chief executive officer at Intelerad, said: “Partnering with Hg gives us access to a huge pool of knowledge in global healthcare technology and the opportunity to significantly advance the company’s strategy. We are thrilled to continue making a difference in healthcare with such talented people. As well as welcoming our new investors, I also thank the Novacap team and our colleagues who all worked so hard to get us into this strong position, as well as our customers for their continued trust over the last 20 years. Looking forward to exciting times ahead.” 

Gero Wittemann, partner and co-lead of Hg’s New York team, commented: “Intelerad has a winning platform that creates significant efficiencies for healthcare organizations, while adding true value to help radiologists and other physicians view, interpret and share medical images. We fully embrace Intelerad’s vision in making a sustainable difference in healthcare and it’s particularly exciting to join Paul and the team at this stage in the company’s journey. We will look to leverage our experience in healthcare technology and our operational experts to support the business strategy through innovation and operational excellence.” 

For more information: www.hgcapital.com/ 

Related Content

Sponsored Content | Videos | Artificial Intelligence | February 21, 2020
In Artificial Intelligence at RSNA 2019, ITN Contributing Editor Greg Freiherr offers an overview of artificial intel
Altamont’s zero-footprint solution, CaptureWare, allows Mach7’s Enterprise Imaging Platform (EIP) to ingest more DICOM and/or non-DICOM data from various sources in a facility
News | PACS | February 20, 2020
February 20, 2020 — Mach7 announced its partnership with Altamont
Sponsored Content | Videos | Enterprise Imaging | February 19, 2020
Bill Lacy, vice president, Medical Informatics at FUJIFILM Medic...
Recognized as the “Pulitzer Prize of the business press,” the Jesse H. Neal Award finalists are selected for exhibiting journalistic enterprise, service to the industry and editorial craftsmanship
News | Radiology Business | February 19, 2020
February 19, 2020 — Connectiv, a division of The Software and Information Industry Association (SIIA), has announced
Esaote, an Italian company among the world leaders in the field of medical diagnostic imaging systems, is the Ducati Team's official partner for the 2020 season
News | Radiology Business | February 14, 2020
February 14, 2020 — Esaote, an Italian company among the world le
The Candelis ImageGrid Plus PACS Server is an ultra-high-performance platform that can support high volume healthcare environments of 1,000 plus modalities
News | PACS | February 12, 2020
February 12, 2020 — The Candelis ImageGrid Plus...
Varian announced it has received FDA 510(k) clearance for its Ethos therapy, an Adaptive Intelligence solution. Ethos therapy is an artificial intelligence (AI)-driven holistic solution that provides an opportunity to transform cancer care.
News | Image Guided Radiation Therapy (IGRT) | February 11, 2020
February 11, 2020 — Varian announced it has received FDA 510(k) c
PaxeraHealth enterprise imaging, PACS, VNA solutions
News | Enterprise Imaging | February 11, 2020
February 11, 2020 — Enterprise Imaging developer PaxeraHealth