GE HealthCare plans to finance the acquisition with a combination of cash on hand and debt proceeds. Credit: Poetra.RH/Shutterstock.com.

GE HealthCare has announced an agreement to acquire medical imaging software provider Intelerad for a cash consideration of $2.3bn (C$3.24bn).

This move is intended to support GE HealthCare’s objective to significantly increase its range of cloud-enabled products by 2028.

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Founded in 1999 in Canada, Intelerad offers products intended for cardiology and radiology. Its cloud-first solutions are used in both outpatient and inpatient healthcare environments.

Intelerad’s presence in outpatient care is seen as complementary to GE HealthCare’s established hospital-based imaging.

The combined product offerings are expected to increase customer access and provide integrated imaging solutions across various healthcare environments.

Intelerad’s business model is expected to expedite GE HealthCare’s transition towards a software-as-a-service (SaaS) approach and to raise recurring revenue.

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The global market for outpatient enterprise imaging represents a growth opportunity exceeding $2bn for GE HealthCare.

GE HealthCare projects that Intelerad will generate nearly $270m in revenue during the first full year following the acquisition, with around 90% of this being recurring.

The adjusted earnings before interest, taxes, depreciation and amortisation margin is expected to exceed 30%.

Intelerad’s revenue is said to be increasing at a low double-digit annual rate and is anticipated to speed up within the combined company.

Completion of the transaction is expected in the first half of 2026 (H1 2026), pending regulatory approvals and customary closing conditions.

GE HealthCare plans to finance the acquisition with a combination of cash on hand and debt proceeds.

GE HealthCare CEO and president Peter Arduini said: “Our acquisition of Intelerad will bring additional cloud-enabled and intelligent solutions in radiology and cardiology into our portfolio of products and extend our capabilities into outpatient networks, enabling care teams to be more efficient, improve outcomes and deliver precision care for patients globally.”

Evercore is acting as exclusive financial advisor and Sidley Austin as deal counsel for GE HealthCare.

UBS Investment Bank is serving as the exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as deal counsel for Intelerad.

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