TA Associates invests in growth of Hg-owned Intelerad

• Hg remains Intelerad’s majority investor
• TA’s investment will accelerate the company’s growth
• Intelerad provides medical imaging software and workflow solutions for healthcare providers

Intelerad announced this week that it has secured a growth investment from TA Associates. TA joins majority investor Hg and ST6 in supporting the Canadian medical system imaging company. The deal is expected to close in Q3 2022.

Montreal and Raleigh, North Carolina-headquartered Intelerad provides medical imaging software and workflow solutions for healthcare providers. It serves nearly 2,000 customers including radiology groups, hospitals, healthcare systems and outpatient imaging centers.

Boston-based private equity firm TA leads buyouts and minority recapitalizations in profitable growth companies. It invests across the business services, consumer, financial services, healthcare and technology sectors. It has made over 560 investments with more than $36 billion invested.

“We have followed Intelerad for several years and continue to be impressed by its differentiated solutions, strong growth and leadership position,” said Mark Carter, a managing director at TA.

“Building on its momentum in the sector, we believe Intelerad is well positioned to further strengthen and expand its suite of solutions.” said Ethan Liebermann, another managing director at TA. “We are supportive of Intelerad’s vision and excited to join the team as it enters the next phase of its growth journey,”

ST6 is a team of software operating executives that partner with private equity sponsor to work with software companies and accelerate value creation.

“The COVID-19 pandemic has intensified the challenges facing this industry and accelerated the demand to improve patient care,” said Mark Friedman, executive chairman at Intelerad and managing director at ST6. “Intelerad has recognized this need and is actively working to make its customers more productive, more agile, and more responsive. We look forward to partnering with TA to promote organic development and pursue strategic growth opportunities. The new investment from TA will help Intelerad further deliver the critical value that our customers need right now.”

Hg acquired Intelerad from Novacap in 2020. It targets technology buyouts primarily in Europe and the US. It has over $40 billion in funds under management with nearly 300 employees across London, Munich and New York.