Hg purchases majority stake in Intelerad Medical Systems

A London private equity investment firm has purchased a stake in Intelerad Medical Systems, a Montreal-based company that develops medical imaging software and workflow solutions.

Executives of the new investors, Hg, say healthcare technology is a core sector for the equity firm. It’s partnering with Ardan, a boutique investment firm dedicated to the healthcare software and data sector.

Under the terms of the agreement, Hg will acquire Intelerad from Novacap’s TMT IV Fund, and its founders, management and employee shareholders who will all be re-investing into the business alongside Hg and Ardan.

Separately, Novacap—a Canadian-based private equity firm, announced the definitive agreement to sell a majority stake in Intelerad, saying that the transaction is expected to close in the first quarter of this year, awaiting customary regulatory approval.

Terms and the amount of the transaction were not disclosed.


Intelerad has more than 400 employees and offices in Canada, the U.S., the United Kingdom and Australia. It specializes in diagnostic viewing, reporting and collaboration solutions for radiologists. In the past four years, Intelerad more than doubled its revenue, with the ongoing addition of new clients and the accelerated growth of its existing customer-base. In 2018, under CEO Paul Lepage, the company acquired Seattle-based Clario Medical, which offers a product that intelligently manages reading workflows and optimizes reading quality and efficiency.

Intelerad represents the fifth healthcare technology investment by Hg, which has put money in investments that focus on healthcare operations, core systems, life sciences digitization, interoperability and population health.

“Partnering with Hg and Ardan gives us access to a huge pool of knowledge in global healthcare technology and the opportunity to significantly advance the company’s strategy,” Lepage says. “As well as welcoming our new investors, I also thank the Novacap team and our colleagues who all worked so hard to get us into this strong position, as well as our customers for their continued trust over the last 20 years.”