European private equity firm Hg has bought a majority stake in Canadian PACS vendor Intelerad Medical Systems.
In the deal, Hg will acquire the majority interest from Intelerad's previous majority owner, Novacap. Intelerad's founders, management, and employee shareholders will be reinvested.
The transaction will be made from Hg's Genesis 8 fund and terms were not disclosed. The deal is expected to close in the first quarter of 2020 pending regulatory approvals.
In a press release, Hg noted that healthcare is a core sector for the company. The addition makes Intelerad the fifth healthcare technology company that Hg has added to its portfolio.
