February 2, 2016 — Novacap, one of Canada's leading private equity firms, announced that it has finalized a significant investment in Intelerad Medical Systems. The transaction is being financed through the NOVACAP TMT IV Fund, which specializes in partnering with companies that have high growth potential in the technology, media and telecommunications sectors.
With 300 employees and offices in Canada, the United States, the United Kingdom and Australia, Intelerad develops software solutions that seamlessly manage medical images, workflow and data. Intelerad’s picture archiving and communication systems (PACS), radiology information systems (RIS) and workflow solutions are used by hospitals, imaging centers and radiology groups to increase productivity and streamline medical imaging workflows. These solutions are instrumental at improving its clients’ efficiency while allowing them to deliver premium imaging services.
“Intelerad’s success can be attributed to its innovative solutions and best-in-class customer service,” said François Laflamme, Senior Partner at Novacap. “Our investment will allow Intelerad to enhance its operations, engage in strategic growth opportunities, and accelerate funding of key research and development programs, to continue building the company’s leading suite of products. It is already well-positioned in the healthcare IT market and we look forward to working directly with its team to help it grow the company even further.”
The new partnership will focus on expanding the reach of Intelerad’s products and solutions. This includes InteleOne XE, a cross-enterprise workflow solution that provides clinicians unified access to medical images and reports stored across disparate RIS, PACS, hospital information systems (HIS), electronic medical records (EMR) and vendor neutral archive (VNA) systems. By connecting to data where it resides, and allowing sites and systems to be easily added or removed from the imaging ecosystem with minimal interruption and impact on care, InteleOne XE addresses interoperability, a growing issue for integrated healthcare groups.