Novacap invests in growth of Intelerad Medical Systems

Canadian private equity firm Novacap has invested in Intelerad Medical Systems Inc, a medical imaging company based in Montréal. No financial terms were disclosed. Founded in 1999, Intelerad is a developer of software solutions that manage medical images, workflow and data for hospitals, imaging centres and radiology groups in North America, the United Kingdom and Australia. The investment will allow Intelerad to enhance its operations, engage in strategic growth opportunities, accelerate funding of key research initiatives, and continue building its product portfolio. Novacap made the investment via Novacap TMT IV LP, which raised $375 million in 2014.

PRESS RELEASE

NOVACAP Makes Strategic Investment to Accelerate Intelerad’s Growth

Montreal, Canada – February 2, 2016 – NOVACAP, one of Canada’s leading private equity firms, today announced that it has finalized a significant investment in Intelerad Medical Systems™ Incorporated, a leader in cross-enterprise medical imaging solutions, headquartered in Montreal, Canada. The transaction is being financed through the NOVACAP TMT IV Fund, which specializes in partnering with exceptional companies that have high growth potential in the technology, media and telecommunications sectors.

With 300 employees and offices in Canada, USA, the United Kingdom, and Australia, Intelerad develops software solutions that seamlessly manage medical images, workflow and data. Intelerad’s Picture Archiving and Communication Systems (“PACS”), Radiology Information Systems (“RIS”) and workflow solutions are used by hospitals, imaging centers and radiology groups to increase productivity and streamline medical imaging workflows. These solutions are instrumental at improving its clients’ efficiency while allowing them to deliver premium imaging services.

“Intelerad’s success can be attributed to its innovative solutions and best-in-class customer service,” said François Laflamme, Senior Partner at NOVACAP. “Our investment will allow Intelerad to enhance its operations, engage in strategic growth opportunities, and accelerate funding of key research and development programs, to continue building the Company’s leading suite of products. It is already well-positioned in the healthcare IT market and we look forward to working directly with its team to help it grow the Company even further.”

The new partnership will focus on expanding the reach of Intelerad’s products and solutions, such as InteleOne XE, a cross-enterprise workflow solution that provides clinicians unified access to medical images and reports stored across disparate RIS, HIS, EMR, PACS and VNA systems. By connecting to data where it resides, and allowing sites and systems to be easily added or removed from the imaging ecosystem with minimal interruption and impact on care, InteleOne XE addresses interoperability, a growing issue for integrated healthcare groups.

“Medical imaging is an evolving industry and we’ve been conscious to adapt – developing features and benefits that allow our customers to remain competitive in their market,” said Randall Oka, Intelerad’s President and CEO. “By teaming-up with NOVACAP, we will benefit from their expertise in growing successful organizations, and we will be working together to accelerate our growth and take Intelerad to the next level.”

ABOUT NOVACAP
With assets under management of over $1.5 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value of more than 70 companies across North America. NOVACAP’s culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources, NOVACAP is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.

ABOUT INTELERAD
Intelerad Medical Systems Inc. is a leader in distributed radiology, specializing in RIS, PACS and workflow solutions for healthcare organizations. Intelerad solutions increase productivity and streamline workflow by overcoming technical barriers in distributed and complex environments. Highly scalable, flexible and robust, Intelerad’s solutions offer high performance and industry leading customer service and support. Intelerad solutions are used across North America, Oceania and the United Kingdom. For more information, visit www.intelerad.com.

Media contacts:
NOVACAP
Valérie Gonzalo, AGO communications
514-626-6976
valerie@agocom.ca

Intelerad
Helene Gey
514.931.6222 ext. 7424
helene.gey@intelerad.com

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