UK-based tech firm Insignia Medical Systems has been sold to global medical imaging business Intelerad.
IMS, of Basingstoke, is a picture archiving and communication system (PACS) provider, with more than two billion images under management and over 250 sites using its services.
Intelerad, which has headquarters in Canada and offices across the US, UK, Australia and New Zealand, set its sights on the UK company – its fifth acquisition in the past 12 months – to strengthen its position in the market.
Richard Dormer, managing director at IMS, said: “There were clear synergies between Insignia and Intelerad and so becoming part of Intelerad’s group made a lot of sense for both parties.
“Having Intelerad’s backing and investment will dynamise our growth; this is an exciting time for the business and offers the opportunity to take our products to the global stage.”
The senior team at Insignia all remain actively involved in IMS.
Michael Squirrell, partner at Shakespeare Martineau in Lincoln, who led on the legal aspects of the deal, said: “MedTech is a specialism of ours and we’re seeing huge investment, growth and development in the sector, particularly at an international level. Medical imagery is an area with fierce competition in the market, with competitors being snapped up by larger firms.
“This is another example of a highly regarded, successful UK business attracting attention from overseas. We were thrilled to support the deal.”
Mark Herbert, managing director at Shawpoint, said: “We continue to see strong investment appetite for the UK MedTech sector for high quality businesses like Insignia, which have strong market share, growth prospects and offer platforms to deliver solutions to the demand challenges in the NHS via industry-leading technologies such as AI and advanced productivity and collaboration tools.
“We are delighted to have supported Richard Dormer, Arron Edwards and the IMS team in unlocking shareholder value and the next stage of the company’s growth.”
The sale brings the total value of MedTech deals handled by Shakespeare Martineau in 2021 to more than £100m across 15 transactions, covering acquisitions, disposals and investments.