GE HealthCare has begun a deal to acquire medical imaging software provider Intelerad for $2.3 billion paid in cash.

Intelerad is a medical imaging software and digital enterprise workflow solutions provider with a strong presence in outpatient ambulatory care settings. Its cloud-first products are designed for radiology and cardiology for both the inpatient and outpatient settings.

The company’s outpatient footprint complements GE HealthCare’s expertise in hospital-based imaging. The combined companies aim to create a more comprehensive, cloud-first, and artificial intelligence (AI)-enabled imaging offering that spans everything from large academic medical centers to quickly growing ambulatory networks.

Intelerad’s business model also accelerates GE HealthCare’s movement toward a Software-as-a-Service (SaaS) model.

“As hospital and ambulatory care providers face increased demand for imaging and rising patient volumes, they are looking to simplify and unify their workflows,” said Peter Arduini, president and CEO of GE HealthCare. “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. As a result, we expect to accelerate our growth in SaaS products and recurring revenues as we take another evolutionary step to grow into a healthcare solutions provider.”

Outpatient imaging is a high-growth, $2 billion plus opportunity for the company worldwide. Cloud-based or cloud-native solutions are anticipated to grow at a double-digit rate in the medium term, provoked by global cloud and SaaS adoption, procedure shift to outpatient settings, and demand for integrated solutions that can increase operating efficiencies.

“Intelerad is an outstanding strategic fit and is a pioneer in cloud-based imaging software, with a strong portfolio of world-class solutions across care settings,” said Roland Rott, GE HealthCare’s president and CEO of Imaging. “By combining GE HealthCare’s medical device and AI competence at global scale with Intelerad’s enterprise cloud and imaging expertise, we will be even better positioned to meet the evolving needs of healthcare providers, simplify complex workflows, and drive digital innovation across the industry.”

GE HealthCare estimates that Intelerad’s revenues in the first full year of ownership will be approximately $270 million, of which about 90% is recurring. The transaction is expected to be finished in the first half of 2026.

“Joining GE HealthCare marks an exciting new chapter for Intelerad,” said Jordan Bazinsky, the CEO of Intelerad.  “GE HealthCare’s global scale and extensive relationships with key decision makers across hospital systems will fuel the expansion of our connected imaging software offering.  Together, we look forward to advancing digital innovation in healthcare and delivering more integrated AI-enabled solutions that empower our customers to tackle their greatest challenges.”

In September, GE HealthCare began a deal to acquire icometrix, a developer of AI-powered brain imaging analysis for neurological disorders like Alzheimer’s disease.