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

The artificial intelligence-driven Caption Guidance software guides point of care ultrasound (POCUS) users to get optimal cardiac ultrasound images. The AI software is an example of a FDA-cleared software that is helping improve imaging, even when used by less experienced users.

The artificial intelligence-driven Caption Guidance software guides point of care ultrasound (POCUS) users to get optimal cardiac ultrasound images. The AI software is an example of a FDA-cleared software that is helping improve imaging, even when used by less experienced users.

Feature | Artificial Intelligence | September 29, 2020 | Joe Fornadel, J.D., and Wes Moran, J.D.
The number of Federal Drug Administration (FDA)-approved AI-based algorithms is significant and has grown at a steady
The FDA Center for Devices and Radiological Health's COVID-19 response by the numbers between January 1 and September 18, 2020.

The FDA Center for Devices and Radiological Health's COVID-19 response by the numbers between January 1 and September 18, 2020. Graphic courtesy of FDA

News | Coronavirus (COVID-19) | September 29, 2020
September 29, 2020 — On September 28, FDA Commissioner of Food and Drugs...
Lung and respiratory health pioneer paves way for more precise care of complex respiratory conditions
News | Artificial Intelligence | September 25, 2020
September 25, 2020 — VIDA Diagnostics, Inc. announced that it has received 510(k) clearance from the Food and Drug Ad
Of all the buzzwords one would have guessed would dominate 2020, few expected it to be “virtual”. We have been virtualizing various aspects of our lives for many years, but the circumstances of this one has moved almost all of our lives into the virtual realm.

Getty Images

Feature | Radiology Education | September 18, 2020 | By Jef Williams
Of all the buzzwords one would have guessed would dominate 2020, few expected it to be “virtual”.
As the silos of data and diagnostic imaging PACS systems are being collapsed and secured, the modular enterprise imaging platform approach is gaining significance, offering systemness and security
Feature | Coronavirus (COVID-19) | September 18, 2020 | By Anjum M. Ahmed, M.D., MBBS, MBA, MIS
COVID-19 is now everywhere, and these are the lo
Cloud and cloud-native architecture is the future for computing solutions in EI applications

Getty Images

Feature | Enterprise Imaging | September 18, 2020 | By Henri “Rik” Premo
With over five years of presence in the rapidly expanding...
News | Artificial Intelligence | September 16, 2020
September 16, 2020 — Konica Minolta Healthcare Americas, Inc.