September 15, 2010 — RadNet Inc., a provider of outpatient diagnostic imaging services through a network of 191 outpatient imaging centers, has executed a definitive agreement to acquire Image Medical Corp., the parent of eRAD Inc.. The deal is for $10.75 million in a combination of cash and promissory notes. RadNet also reported it has assembled a new software development team consisting of veterans of the radiology software industry to complement eRAD's product portfolio.
eRAD and the newly hired software development team will form a radiology information technology division of RadNet, under the leadership of Ranjan Jayanathan, RadNet's chief information officer. eRAD, headquartered in Greenville, S.C., is a provider of picture archiving and communications systems (PACS) and related workflow solutions to the radiology industry.
The acquisition was expected to close by the end of September and will initially add approximately $5 million of revenue to RadNet on an annual basis.
News | September 15, 2010