Radiology data sharing vendor Enlitic completes $5M acquisition of imaging IT pioneer

Radiology data sharing vendor Enlitic has completed its $5 million (USD) acquisition of a rival company, the two announced on Thursday. 

The Fort Collins, Colorado-based company has purchased all shares of Laitek Inc., a major provider of medical imaging data migration and routing services in the U.S. Laitek reported $6.8 million in revenue last year from its direct and original equipment manufacturing customers, employing a team of 55 in the U.S. and Romania. 

Enlitic said the acquisition merges its AI-powered data standardization with Laitek’s expertise in medical imaging data migration. Leaders believe this “powerful combination” will help “transform how healthcare organizations manage and utilize patient imaging data.” 

“Laitek’s integration aligns perfectly with our mission to enhance clinical workflows and efficiencies,” Enlitic CEO Michael Sistenich said in a statement shared Oct. 17. “Their innovative migration approach will significantly boost our capabilities and drive customer satisfaction. This milestone marks a significant point in Enlitic’s journey of strategic growth."

Physicist Fred M. Behlen, PhD, founded Laitek in 1980, creating one of the first imaging IT firms. A pioneer in the field, the company is regarded as leader in handling the most “demanding and complex migrations,” the two noted, working directly with hospitals and as a subcontractor for replacement PACS vendors. 

“Joining Enlitic creates an exciting opportunity to deliver unparalleled value to healthcare providers, addressing data fragmentation and interoperability challenges,” Behlen said in the same announcement.  

The combined company will offer data migration services, expanded DICOM standards expertise, and accelerated AI-powered data tool development. Enlitic said it will benefit from greater technological resources and immediate access to “decades” of archived data, “accelerating the value” of its technology’s use cases. Laitek, meanwhile, will now offer improved data quality in its migration services, helping to ensure accuracy, completeness, and standardized study and series descriptions. 

Enlitic—which also has offices in Australia and trades on the country’s stock exchange—was founded in 2014. The company recently raised $15.2 million in new equity to fund the deal. Enlitic expects to realize annual cost savings of $1 million by the first full year of ownership and revenue synergies of $5 million from the third year onward. The combined business is expected to create a “potential pipeline opportunity” of up to $108.4 million with “significant potential revenue synergies and cost efficiencies.” 

The two previously highlighted their comparable customer base, with alignment existing in many aspects of team structure and infrastructure. Enlitic said Thursday that it is committed to supporting Laitek’s existing customers while integrating their technologies and teams, “positioning both companies for stronger market competitiveness.” 

Partnerships with Philips and Bayer

Enlitic also announced on Oct. 16 that it had inked two new partnerships. 

The first is with Philips Healthcare, which has agreed to implement Enlitic’s Endex platform under a three-year agreement. The product transforms new and historical medical image data into a unified, clinically relevant standard nomenclature. 

Philips will use the platform to enhance its Radiology Workflow. Enlitic said the agreement will have it providing services to a limited number of Philips customer sites, with room for expansion. The company expects to collect revenue of between $100,000 to $380,000 per year during the agreement. 

“We look forward to working together to bring our solutions to support Philips’ customers and bring further efficiencies to their daily work experience,” Sistenich said. 

Enlitic also announced a three-year distribution agreement with Bayer Healthcare on Oct. 16. Under the pact, Endex will be integrated into Bayer’s radiation dose management proprietary software products. This will help to support radiation dose monitoring, with Endex initially rolled out to 50 radiology sites and the potential for further expansion to a total of 200. 

Assuming successful completion of validation testing of the integration, Enlitic expects to collect $50,000 per year during the term of the agreement. The figure may potentially increase, “if the opportunity for expansion of sites is realized.”