RadNet, a diagnostic imaging services and digital health solutions company, began a deal to acquire iCAD, a company focused on artificial intelligence (AI)-powered breast health solutions.

RadNet will acquire iCAD in an all stock transaction. iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock held at the merger’s close.

This reflects a transaction value of about $103 million, or about $3.61 per share of iCAD common stock. It’s an approximately 98% premium to iCAD stockholders based on iCAD’s April 14 closing stock price.

“Every 14 seconds, a woman is diagnosed with breast cancer worldwide, and in the United States alone, over 42,000 women are expected to die from breast cancer during 2025,” said RadNet president and CEO Dr. Howard Berger. “iCAD’s ProFound Breast Health Suite and RadNet’s DeepHealth AI-powered breast screening solutions, together, have the power to materially expand and improve patient diagnosis and outcomes on a global basis through further enabling accuracy and early-detection.”

“With over 1,500 healthcare provider locations, facilitating over 8 million annual mammograms in 50 countries, iCAD’s installed base and strong sales, engineering and marketing capabilities will provide us with immediate broad and valuable customer relationships and commercialization capabilities that can accelerate our existing DeepHealth objectives,” Dr. Berger went on. “This business combination is expected to accelerate our global leadership and commitment to AI-powered breast cancer screening, and positions us to further advance population health.”

The deal is expected to close in the second or third quarter of this year.

“As we join forces with RadNet to create a broad offering of AI-driven solutions, we have the opportunity to redefine how breast cancer and other diseases are detected and treated,” said iCAD president and CEO Dana Brown. “Together, we will work to expand access to cutting-edge tools, accelerate innovation and advance our product roadmaps, empowering radiologists with more precise, efficient and scalable solutions that should ultimately improve patient care and outcomes.”

“With current and future products in breast cancer detection, risk evaluation, density assessment and breast arterial calcification, we believe RadNet’s scale, access to data and clinical leadership will ensure our current and future products are brought to market, improving radiologist and patient workflow and clinical outcomes,” Brown continued.

In November, RadNet began a strategic collaboration with GE HealthCare to build SmartTechnology solutions that harness AI to help increase the efficiency of imaging interpretation and reporting, allow collaboration among care teams, improve clinical image interpretation, and boost operational efficiency and productivity.