RadNet, a leading provider of diagnostic imaging services and digital health solutions, has announced the acquisition of iCAD, a global company renowned for its AI-powered breast health technologies. The transaction, structured as an all-stock deal, aims to accelerate advancements in artificial intelligence for the early detection and diagnosis of breast cancer. Through this agreement, iCAD’s capabilities and established presence in the healthcare technology sector will be integrated into RadNet’s DeepHealth subsidiary. The combination brings together two complementary platforms focused on enhancing clinical outcomes and improving the accuracy of breast cancer screening.
Expanding Global Reach and Technological Capabilities
The acquisition positions RadNet to significantly broaden its technological scope and expand its international presence. iCAD currently supports an installed base that spans more than 1,500 healthcare provider locations across over 50 countries. These facilities facilitate more than 8 million mammograms each year, giving iCAD a robust foundation in global breast health diagnostics. Integrating this extensive network into RadNet’s DeepHealth portfolio is expected to increase access to innovative screening solutions on a worldwide scale.
The transaction also provides RadNet with access to iCAD’s commercial, engineering and marketing teams. The combined entity is set to leverage these resources to strengthen customer relationships, streamline commercialisation efforts and accelerate market penetration. iCAD’s ProFound Breast Health Suite, which offers AI-driven capabilities for breast cancer detection, density assessment and risk evaluation, will become part of DeepHealth’s offerings. These combined technologies are intended to deliver advanced, scalable solutions that support radiologists and healthcare providers in delivering more accurate diagnoses and timely interventions.
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Strengthening AI Leadership and Product Innovation
By uniting iCAD’s proven AI-based detection tools with RadNet’s existing DeepHealth technologies, the acquisition reinforces RadNet’s leadership in artificial intelligence for medical imaging. The addition of iCAD’s experienced commercial and engineering personnel is expected to bolster product development capabilities and speed up the deployment of enhanced diagnostic tools. This will likely result in a more robust offering of solutions within the DeepHealth portfolio, allowing for improved integration of AI across clinical workflows.
The collaboration enables the continuation and acceleration of product roadmaps focused on various aspects of breast health, including breast arterial calcification and density-based risk assessment. The shared vision between the two organisations centres around transforming how diseases such as breast cancer are detected, diagnosed and treated. The aligned commitment to AI development will facilitate more efficient, scalable tools that aim to improve both radiologist efficiency and patient outcomes. This consolidation of resources and technologies strengthens the ability to bring cutting-edge screening innovations to market more quickly and broadly.
Creating Long-Term Strategic Value
The total value of the transaction is approximately €96 million ($103 million), based on RadNet’s closing share price as of 14 April 2025. iCAD shareholders will receive 0.0677 shares of RadNet common stock for each iCAD share, representing a significant premium of approximately 98% over iCAD’s share price at the time of the agreement. The deal has been unanimously approved by both companies’ boards of directors and is expected to close in the second or third quarter of 2025, subject to customary conditions and approval by iCAD stockholders.
Strategically, the merger enables RadNet to advance its broader goal of improving population health through enhanced AI-powered cancer screening. The expanded reach, paired with strengthened commercial infrastructure, supports the ongoing execution of RadNet’s business strategy. The acquisition creates opportunities for operational synergies, better resource utilisation and expanded data access, all contributing to improved outcomes in cancer diagnostics. With increased scale and access to advanced AI tools, radiologists will be able to diagnose more efficiently and with greater precision, ultimately benefiting patients through earlier and more reliable detection of breast cancer.
RadNet’s acquisition of iCAD signifies a major milestone in the advancement of artificial intelligence within medical imaging. By integrating iCAD into its DeepHealth subsidiary, RadNet consolidates leadership in AI-driven breast cancer screening, builds a stronger international presence and enhances its capacity to develop and distribute innovative diagnostic solutions. With aligned missions and complementary capabilities, the combined entity is positioned to improve the accuracy and efficiency of breast health diagnostics worldwide. The transaction lays the foundation for continued growth in the field of AI-powered healthcare, furthering the commitment to earlier detection and improved patient outcomes in the global fight against breast cancer.
Source: RadNet
Image Credit: iStock
