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 acquisition price

$2.3B

Acquired by GE HealthCare · Nov 2025

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

Intelerad Overview

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

CanadaMontreal

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.

Intelerad acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
20 Nov 2025Strategic M&A$2.3B8.5x28.4x

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

Intelerad funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2023Seed-$1M-
Jul 2022Undisclosed stageTA 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

Investors in Intelerad by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions 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

lifeIMAGE
PenRad Technologies
Ambra Health
Insignia Medical
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 CountryUnited StatesUnited StatesUnited StatesUnited Kingdom
HQ City
Boston, MA
Buffalo, NY
New York City, NY
Basingstoke
Deal Date15 Sep 202216 Aug 202214 Oct 20218 Sep 2021
Valuationundisclosedundisclosed$250Mundisclosed
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Intelerad
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
United Imaging IntelligenceChinaShanghaiPrivate--$1.4B-
United ImagingChinaChinaPublicly listed$2.1B$367M$12B4.8x
GE HealthCareUnited StatesUnited StatesPublicly listed$21B$3.7B$29B1.8x
VizUnited StatesUnited StatesPrivate$100M-$1.3B12.8x
RaySearch LabsSwedenSwedenPublicly listed$137M$59M$583M4.2x
Pro MedicusAustraliaAustraliaPublicly listed$186M$147M$13B62.7x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Schrödinger$256M($96M)7.6x7.9x(20.3x)(14.0x)
Fleury$1.6B$399M1.8x1.7x7.3x6.6x
Alamar Biosciences$74M($27M)27.3x19.1x(74.8x)(42.3x)
Tieto$2.1B$186M1.3x1.4x15.2x7.9x
Butterfly Network$98M($73M)20.6x17.6x(27.5x)(93.5x)
NeoGenomics$727M($48M)3.9x3.7x(59.8x)53.8x
Privia Health$2.1B$44M1.0x0.9x50.2x15.3x
Vimian Group$489M$119M4.4x4.0x17.9x14.4x

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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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