RadNet acquires radiology AI firm Gleamer for up to $270M
RadNet Inc. on Monday announced it has reached a deal to acquire Paris, France-based radiology artificial intlligence (AI) firm Gleamer in a deal valued at up to $269.3 million.
Founded in 2017, Gleamer serves over 700 customer contracts worldwide with a “broad” portfolio of U.S. Food and Drug Administration-cleared solutions. These cover a range of applications including musculoskeletal, breast, lung and brain care.
RadNet said it expects Gleamer to log approximately $30 million in annual recurring revenue this year and believes the move will make its DeepHealth subsidiary the “largest provider of radiology clinical AI solutions worldwide.” Gleamer’s compound annual growth rate exceeded 90% from 2022 to 2025 amid strong interest for its technologies.
“This acquisition brings together two leaders on strong growth trajectories to create a new standard of AI-powered care,” Kees Wesdorp, president and CEO of RadNet’s Digital Health Division, said in a statement March 2. “By building on our combined strengths, we are redefining how imaging is delivered, at scale, with intelligence and automation, to advance access and efficiency while improving experiences and outcomes for patients and providers worldwide.”
Gleamer’s suite of solutions spans X-ray, mammography, CT and MRI after a recent acquisition. Altogether, its products have analyzed over 30 million exams across 2,250 locations, spanning 44 countries. Offerings include the Gleamer Copilot, an “all in one solution for radiology,” and modality-specific software for everything from bone trauma on X-ray to lung lesions on CT and multiple sclerosis using MRI.
Gleamer employs over 130 professionals and is a fast-growing, cloud-first company, RadNet noted. Its broad multimodality portfolio of FDA-cleared and CE-marked clinical AI and workflow solutions are designed to help improve care quality while reducing radiologist workloads. Customers span hospitals, imaging centers and healthcare systems, with its cloud platform driving a software-as-a-service recurring revenue business model.
Los Angeles-based RadNet said it plans to integrate Gleamer’s full portfolio with its Deep Health subsidiary’s own clinical AI suite of solutions for breast, chest, neuro, prostate and thyroid care. This will create a comprehensive portfolio RadNet believes is “unrivaled by any other radiology AI company.” The combined product suite will span screening, detection, interpretation and follow-up across many of the most prevalent cancer types.
“Joining DeepHealth marks an exciting new chapter for our business and team members,” Christian Allouche, co-founder and CEO of Gleamer, said in a statement March 2. “By combining our AI capabilities, product portfolio and strong commercial team with that of DeepHealth, we are poised to shape the future of intelligent imaging at scale,” he added later
Deploying Gleamer’s radiology AI and workflow capabilities across RadNet’s network of 400-plus imaging centers is expected to create “measurable productivity gains.” This is especially pertinent in X-ray, which accounts for nearly 25% of RadNet’s imaging volumes. The company said it intends to implement an “end to end” AI-enabled workflow that begins with triage. It believes the acquisition will accelerate the introduction of draft-reporting technologies, “allowing radiologists to increase reading volumes with greater accuracy and standardization.”
RadNet is structuring the purchase as an all-cash transaction. Including a post-closing milestone, the deal is valued with a price of up to $269.92 million. The valuation is reflective of Gleamer’s high multiyear recurring revenue growth, cloud-native gross margins, “industry leading customer retention rates,” and wide portfolio that includes four FDA-cleared devices.
This marks the latest in a line of technology acquisitions for RadNet. Previous purchases have included cloud-based imaging solutions provider Cimark UK ($33 million) ultrasound artificial intelligence vendor See-Mode Technologies ($29 million), breast AI companies iCAD ($103 million) and Kheiron Medical Technologies ($1 million), and remote MRI solutions provider Alpha RT ($5 million). RadNet also recently acquired imaging centers from radiology groups in Florida and Indiana. Altogether, the company now operates over 430 freestanding centers.
RadNet also reported its quarterly earnings results on Monday with plans to host an investor call.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.