Radiology company Intelerad is acquiring Heart Imaging Technologies, a company specializing in clinical workflow automation.
The deal falls on the heels of Intelerad’s February acquisition of information systems provider Lumedx and is the company’s fourth acquisition within the past year.
The companies did not disclose financial details.
Recent reports value the global medical imaging market at $39 billion in 2020, with North America holding the majority share.
With technological advances, rising disease burden and a growing elderly population, imaging and tech integration needs are expected to increase sharply, accelerating growth of the market to over $55 billion by 2026, according to Intelerad.
Montreal-based Intelerad said the deal will significantly expand its enterprise imaging offerings and cardiovascular expertise. The company currently works with more than 1,000 healthcare organizations.
HeartIT provides web-based medical image management technology and services to health systems, large hospitals and private clinics as well as drug and device companies sponsoring multicenter clinical trials. The company provides secure web browser access to more than 1 billion medical images.
“The challenges healthcare providers were facing prior to the pandemic are now even more critical, and technology is key to overcoming them,” said Mike Lipps, Intelerad president and CEO, in a statement.
“Our goal at Intelerad is to improve efficiency, productivity, and the user experience for providers. By partnering with HeartIT, we’re enabling our customers to tap into advanced visualization and reporting capabilities while increasing ROI and improving patient outcomes,” Lipps said.
In February, Intelerad announced plans to buy Lumedx, a provider of healthcare analytics and cardiovascular information systems, which was preceded by the Digisonics acquisition in December 2020.
Robert Judd, Ph.D., president of HeartIT, said the integration of HeartIT and Intelerad’s technologies provides a broader depth of enterprise imaging and analytics capabilities.