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Hg tops $1 billion invested in healthcare globally with this transaction.
Healthcare technology company Hg announced a finalized agreement Thursday to acquire global medical imaging software and enterprise workflow solution provider Intelerad Medical Systems.
The details of the agreement, including the purchase price, are undisclosed. The transaction is expected to be complete by the end of the first quarter of 2020 following customary regulatory approvals.
This move marks Hg’s fifth major investment into healthcare technology, bringing its overall investment globally to more than $1 billion. The investment, the company’s first in Canada, will be made from the Hg Genesis 8 Fund. Under the terms of this agreement, Hg will acquire Canadian-based Intelerad from Novacap’s TMT IV Fund, as well as its founders, management, and employee shareholders who will all be re-investing into the business alongside Hg.
According to a press release, Intelerad plans to use this investment and expertise to bolster innovation and operational excellence in order to maximize client business and health outcomes.
“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,” said Paul Lepage, Intelerad’s chief executive officer.
Hg partner Gero Wittemann also reiterated Intelerad’s impact on the industry.
“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,” he said. “We fully embrace Intelerad’s vision in making a sustainable difference in healthcare.”
Intelerad specializes in diagnostic viewing, reporting, and collaboration solutions for radiologists and currently serves more than 300 healthcare organizations world-wide, including radiology groups, imaging center, clinics and reading groups.