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- Intelerad
Intelerad Acquisition, Valuation, Funding & Investors
Intelerad was acquired by GE HealthCare for $2.3B in November 2025, a 8.5x multiple on $270M of revenue.
Intelerad revenue at acquisition
$270M
Last twelve months · Nov 2025
Intelerad revenue multiple at acquisition
8.5x
EV/Revenue · Nov 2025
Intelerad EBITDA multiple at acquisition
28.4x
EV/EBITDA · Nov 2025
About Intelerad
Intelerad Medical Systems is a Montreal-headquartered provider of enterprise imaging platforms for radiology and cardiology. Its IntelePACS supports viewing of 10 million studies monthly across 1,000 sites globally. The suite includes InteleOrchestrator for workflow automation, InteleArchive for VNA storage, and InteleHeart for cardiac analytics. Intelerad integrates AI via InteleGence with tools from Aidoc and Viz.ai. Founded in 2001, it serves US hospitals like Cleveland Clinic and teleradiology networks in Europe.
Founded
1999
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$270M (Nov 2025)
Valuation
$2.3B (acquired Nov 2025)
Intelerad Acquisition
Intelerad was acquired by GE HealthCare for $2.3B on 20 November 2025.
The acquisition price implies a 8.5x revenue and 28.4x EBITDA multiple on $270M of revenue.
Before the acquisition Intelerad had raised $1M across 2 funding rounds.
Intelerad, a global leader in medical imaging software solutions, provides enterprise imaging informatics, radiology IT platforms including RIS, PACS, advanced visualization, and cloud-enabled workflow tools, serving hospitals, health systems, imaging centers, radiology and cardiology practices, and clinical trials worldwide. On November 20, 2025, GE HealthCare announced its acquisition of Intelerad for $2.3 billion in cash from majority owner Hg Capital and minority investors TA Associates and Ardan Equity, with the deal expected to close in the first half of 2026. Intelerad generated $270 million in projected revenue for its first full year under GE ownership, with approximately 90% recurring and low-double-digit annual growth expected to accelerate, alongside EBITDA of about $81 million implying 28.4x and 8.5x revenue multiples. GE HealthCare's strategic rationale centers on expanding its digital imaging and clinical workflow capabilities by integrating Intelerad's AI-powered platforms like InteleGence with its diagnostic hardware, AI algorithms, and global infrastructure to create a comprehensive end-to-end cloud-first ecosystem spanning inpatient, outpatient, ambulatory, and teleradiology settings. The acquisition bolsters GE's outpatient footprint amid shifts from hospital-based to lower-cost outpatient imaging and on-premises to cloud environments, particularly in English-speaking markets, while leveraging Intelerad's eight prior acquisitions under Hg for innovation and customer expansion. Analysts view it as a tuck-in enhancing recurring revenue, margin accretion, and bundling opportunities in a consolidating radiology IT market, with GE aiming to triple cloud-enabled products by 2028. The deal reflects broader 2025 M&A trends in imaging informatics and AI, including GE's earlier icometrix purchase, amid rising digital health valuations and strategic buyer focus on interoperable software for clinician productivity and patient outcomes.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 20 Nov 2025 | Strategic M&A | $2.3B | 8.5x | 28.4x |
Intelerad Funding History
Intelerad has raised a total of $1M across 2 funding rounds.
Intelerad's first fundraising round was a undisclosed-stage round in July 2022. The most recent completed round was a $1M seed round in January 2023.
Intelerad funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2023 | Seed | - | $1M | - |
| Jul 2022 | Undisclosed stage | TA Associates | - | TA Associates signed a definitive agreement to make a growth investment in Intelerad, joining majority investor Hg and minority investor ST6 in the Canadian enterprise medical imaging software provider. The transaction was expected to close in the third quarter of 2022 subject to regulatory approval. Terms were not disclosed. |
Who has invested in Intelerad?
1 investor has backed Intelerad across its funding rounds, including TA Associates.
Intelerad Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Intelerad investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Intelerad
Intelerad has acquired 8 companies to date.
Last acquisition by Intelerad was on September 15th 2022. Intelerad acquired lifeIMAGE for undisclosed valuation.
Latest Acquisitions by Intelerad
| Description | lifeIMAGE is a Newton-headquartered network for secure medical image exchange founded in 2008. Interoperable with electronic medical records, it allows clinicians to share DICOM studies like MRIs, CT scans, and X-rays across hospitals, patients, and providers globally, supporting point-of-care access and referral workflows. | PenRad Technologies is a provider of integrated software solutions for breast imaging and low-dose computed tomography lung screening. Its Mammography Intelligent Detection system processes full-field digital mammography images to identify suspicious lesions. The Breast Imaging Reporting and Data System workstation facilitates radiologist review and reporting. Headquartered in Minnesota, PenRad enhances clinical workflows in radiology practices worldwide. | Ambra Health is a New York-based SaaS provider of cloud-based medical imaging and data management platforms. The Ambra platform supports health systems like Memorial Hermann, Stanford Children’s Health, and New England Baptist Hospital, along with radiology practices and clinical research organizations, by enabling interoperable workflows for image storage, sharing, and collaboration. | Insignia Medical Systems is a UK-based provider of PACS and VNA solutions for medical imaging with over 19 years of experience. Headquartered in West Yorkshire, the company supplies scalable radiology workflow software to NHS trusts and private hospitals. Its Edge VNA supports DICOM and non-DICOM archiving across multi-site networks. | |
| HQ Country | |||||
| HQ City | Boston, MA | Buffalo, NY | New York City, NY | Basingstoke | |
| Deal Date | 15 Sep 2022 | 16 Aug 2022 | 14 Oct 2021 | 8 Sep 2021 | |
| Valuation | undisclosed | undisclosed | $250M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Intelerad acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Intelerad Competitors
Intelerad competitors include listed companies like United Imaging, GE HealthCare, RaySearch Labs and Pro Medicus, and private ones like United Imaging Intelligence and Viz.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.4B | - | ||
| Publicly listed | $2.1B | $367M | $12B | 4.8x | ||
| Publicly listed | $21B | $3.7B | $29B | 1.8x | ||
| Private | $100M | - | $1.3B | 12.8x | ||
| Publicly listed | $137M | $59M | $583M | 4.2x | ||
| Publicly listed | $186M | $147M | $13B | 62.7x |
Intelerad Public Comps
Intelerad is no longer listed, but its public comps include Schrödinger, Fleury, Alamar Biosciences, Tieto, Butterfly Network, NeoGenomics, Privia Health, Vimian Group, Qingdao Baheal Medical and Omnicell.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $256M | ($96M) | 7.6x | 7.9x | (20.3x) | (14.0x) | |||
| $1.6B | $399M | 1.8x | 1.7x | 7.3x | 6.6x | |||
| $74M | ($27M) | 27.3x | 19.1x | (74.8x) | (42.3x) | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.2x | 7.9x | |||
| $98M | ($73M) | 20.6x | 17.6x | (27.5x) | (93.5x) | |||
| $727M | ($48M) | 3.9x | 3.7x | (59.8x) | 53.8x | |||
| $2.1B | $44M | 1.0x | 0.9x | 50.2x | 15.3x | |||
| $489M | $119M | 4.4x | 4.0x | 17.9x | 14.4x | |||
This data is available for Pro users. Sign up to see all Intelerad competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Intelerad
| When was Intelerad founded? | Intelerad was founded in 1999. |
| Where is Intelerad headquartered? | Intelerad is headquartered in Montreal, Canada. |
| Is Intelerad publicly listed? | No, Intelerad was acquired by GE HealthCare in November 2025. |
| Who acquired Intelerad? | Intelerad was acquired by GE HealthCare in November 2025. |
| How much was Intelerad acquired for? | Intelerad was acquired for $2.3B in November 2025, a 8.5x revenue multiple. |
| How much funding has Intelerad raised? | Intelerad has raised $1M across 2 funding rounds. |
| What was Intelerad's last funding round? | Intelerad's last funding round was a $1M seed round in January 2023. |
| Who are Intelerad's investors? | Intelerad's investors include TA Associates. |
| Which companies are comparable to Intelerad? | Companies comparable to Intelerad include United Imaging Intelligence, United Imaging, GE HealthCare, Viz, RaySearch Labs and Pro Medicus. |
| How many companies has Intelerad acquired? | Intelerad has acquired 8 companies, including lifeIMAGE, PenRad Technologies, Ambra Health, Insignia Medical and Heart Imaging Technologies. |
| What was the largest acquisition by Intelerad? | The $250M acquisition of Ambra Health in October 2021 is the largest acquisition Intelerad has made to date. |
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