GE HealthCare has announced plans to acquire medical imaging software company Intelerad for $2.3 billion in cash, marking a major step in its strategy to expand further into the fast-growing outpatient care market.
The acquisition will give GE HealthCare access to Intelerad’s cloud-based enterprise imaging solutions, which are widely used across outpatient clinics. The company said outpatient imaging represents a $2 billion-plus global opportunity with strong growth potential.
Intelerad’s portfolio also includes several SaaS-based products, which GE HealthCare expects will help significantly boost its recurring revenue. Analysts believe the combination will strengthen GE’s efforts to scale internally developed AI imaging technologies across a broader clinical base.
BTIG analyst Ryan Zimmerman noted that pairing GE’s AI capabilities with Intelerad’s platform could “accelerate adoption over time.” J.P. Morgan’s Robbie Marcus described the deal as a “solid tuck-in acquisition” aligned with GE HealthCare’s core expertise.
GE HealthCare expects the acquisition to be immediately accretive to revenue growth and margins, projecting a high single-digit return on invested capital by year five.
Montreal-based Intelerad is currently growing revenue at a low double-digit annual rate and is expected to generate around $270 million in the first full year after closing. Majority shareholders Hg Capital and TA Associates will fully exit their positions as part of the transaction.
The deal is scheduled to close in the first half of 2026, subject to regulatory approval.