Hg agrees sale of Intelerad to GE HealthCare in $2.3 billion transaction
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Hg, a leading investor in European and transatlantic software, services, and data businesses, today announced that it has agreed the sale of Intelerad, a global leader in medical imaging software solutions, to GE HealthCare in a transaction valued at approximately $2.3 billion. As a result of the transaction, Hg will fully exit its majority shareholding in Intelerad. TA Associates and Ardan Equity, will also exit minority positions in the business.
Together, GE HealthCare and Intelerad will empower radiologists and clinicians to work more efficiently, by streamlining imaging workflows and enabling greater diagnostic throughput. The combined organisation aims to enhance productivity and patient outcomes through a connected, cloud-enabled offering that unites imaging data across healthcare settings and provides clinicians with actionable insights at the point of care.
As GE HealthCare continues to accelerate its digital transformation, Intelerad will support this, bringing deep expertise in developing and embedding AI within their enterprise imaging solutions. This shared commitment to innovation strengthens GE HealthCare’s position as a digital leader, enhancing operational efficiency and clinical integration across care environments.
Hg partnered on the original Intelerad investment with Ardan Equity. During Hg’s ownership, Intelerad has increased its revenue by over 3.5 times, transforming it into one of the world’s leading enterprise imaging platforms. The business now serves 1,500+ global customers, supports over 230 million exams per year, and manages 8 billion medical images across its network.
Jordan Bazinsky, Chief Executive Officer at Intelerad, said: “This marks an exciting new chapter for Intelerad and our customers. By joining GE HealthCare, we can combine our innovative, cloud-based imaging solutions with GE’s global reach and scale. We're grateful to Hg for their strategic support over the past five years. Together we’ve made major strides in product innovation, executed eight acquisitions, and expanded into new customer segments. This has given us a strong foundation for this next step in our journey with GE Healthcare as we accelerate our vision for a truly connected ecosystem for clinicians and improve patient care through smarter, faster, and more collaborative technology.”
Hg has also supported Intelerad across product innovation - including the launch of InteleGence, Intelerad’s AI platform; eight strategic acquisitions - substantially broadening its product suite into a comprehensive enterprise imaging platform that includes radiology, cardiology, mammography, image exchange, and image storage; and with investment in Intelerad’s leadership and operational scale - recruiting and strengthening the management team and enabling the company’s next phase of growth.
Hector Guinness and Laura Grattan, Partners at Hg, commented: “Our partnership with Intelerad has been an outstanding journey of innovation, growth, and leadership in healthcare technology. We are incredibly proud of what the team has achieved and are confident that joining GE HealthCare will allow Intelerad to continue expanding its impact on global healthcare delivery.”
Dr Katherine Wiles, Principal at Hg, added: “The digital transformation of healthcare is accelerating, driven by intelligent software that connects clinicians, patients, and data. Intelerad has been at the forefront of this shift, enabling faster, more informed clinical decisions through innovation and integration. I’m delighted to have supported that mission and I’m excited to see how the combination of Intelerad’s imaging software expertise and GE’s commitment to innovation continues to drive improved patient outcomes.”
For GE HealthCare, Evercore is serving as financial advisor and Sidley Austin LLP as deal counsel. For Intelerad, UBS Investment Bank is serving as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as deal counsel.
For further information, please contact:
Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com
Brunswick, Hg@brunswickgroup.com
About Intelerad
Intelerad is one of the leading medical imaging software platforms for the healthcare industry. More than 1,500 healthcare organizations around the world rely on Intelerad products to manage patient data, improve imaging efficiency and quality, and elevate patient outcomes. For more information on Intelerad and its leading technology solutions, visit intelerad.com or follow the company on LinkedIn.
About Hg
Hg is the leading investor in European and transatlantic software and services businesses. We help to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers.
We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses.
With a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Our portfolio spans more than 55 companies worth over $185 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 20% annually.