In what could be the biggest radiology IT acquisition in years, GE HealthCare will acquire medical image management software company Intelerad in a purchase valued at $2.3B. The acquisition will bolster GE’s position in the outpatient image management segment, which is rapidly shifting from on-premises PACS models to cloud-based environments.
Intelerad was founded in Montreal in 1999 as a PACS developer and has grown through acquisitions of its own in recent years.
- U.K. private equity firm Hg took a controlling interest in Intelerad in 2020, and the company soon embarked on a series of acquisitions that rolled up smaller imaging IT companies like Digisonics (2020), Ambra Health (2021), Insignia (2021), Lumedx (2021), Life Image (2022), and PenRad Technologies (2022).
After taking a few years to digest the new companies, Intelerad began focusing on moving its technology and customers to cloud-based architecture, such as by releasing a cloud-native version of its InteleHeart software and by moving its PACS, VNA, and image-sharing applications to AWS cloud hosting.
GE needs no introduction, of course, but the company clearly sees the attraction of Intelerad’s core market in outpatient imaging, which complements GE’s focus on larger hospitals and health systems.
In a conversation with The Imaging Wire, Scott Miller, president and CEO, Solutions for Enterprise Imaging at GE HealthCare, explained several of the acquisition’s advantages …
- Imaging exams are moving from hospitals to outpatient centers due to lower costs.
- Outpatient facilities are following hospitals in moving their data to the cloud, putting Intelerad at the intersection of two major trends.
- Intelerad’s geographic focus has been on English-speaking countries, giving GE the opportunity to plug Intelerad products into its international distribution network.
GE estimates that Intelerad will generate $270M in revenue in its first full year under GE ownership.
- Intelerad’s sales have been growing at a rate in the low double digits, and GE expects that pace to accelerate.
Is the new acquisition a sign of growing consolidation in the radiology AI and image management sectors?
- Other recent purchases in 2025 include Radiology Partners’ purchase of Cognita Imaging, Lunit’s acquisition of Prognosia, and GE’s own purchase of icometrix, completed earlier this month. RadNet also acquired iCAD earlier in the year.
The Takeaway
GE’s acquisition of Intelerad offers multiple benefits to the multimodality OEM, from Intelerad’s presence in the outpatient imaging sector to its experience in cloud-based image management and broad product portfolio. The question is whether the purchase spurs other big iron vendors to answer with acquisitions of their own.
