Private equity-backed I-MED Radiology Network announced on July 2 that it is entering the U.S. market with the acquisition of San Diego-based teleradiology group StatRad.
Founded in 1995, StatRad bills itself as the second largest teleradiology provider in the States. Privately owned by radiologists, StatRad employs more than 90 United States-based physicians performing reads for hundreds of clients and thousands of patients every day, according to its website.
I-MED Radiology Network is one of Australia’s leading radiology providers, employing 450 doctors and operating 250 clinics located across Australia. Currently, teleradiology accounts for about 10% of I-MED’s revenue, with its physicians handling more than 1 million reports each year across 170 hospitals in Australia and New Zealand. London-headquartered private equity firm Permira acquired I-MED from Swedish private equity firm EQT in 2018.
I-MED Radiology Network had been searching for a target to expand into North America, seeing parallels with its home market, according to I-MED CEO Shrey Viranna. Terms of the deal, which was finalized July 1, were not disclosed. I-MED said it expects to add about $90 million in annual revenue and $20 million in EBITDA by acquiring the company.
According to data captured in the LevinPro HC database, this transaction marks the 59th Laboratories, MRI and Dialysis acquisition of 2024. Of those transactions, 54% (32 deals) have been announced in the diagnostics specialty.
