The acquisition will unite AI-powered cancer detection and workflow solutions focused on improving the accuracy and early detection of breast cancer.
RadNet Inc, a provider of diagnostic imaging services and digital health solutions, and iCAD, Inc, a provider of AI-powered breast health solutions, announced today that they have entered into a definitive merger agreement under which RadNet will acquire iCAD in an all-stock transaction.
iCAD’s ProFound Breast Health Suite and RadNet’s DeepHealth AI-powered breast screening solutions, together, have the potential to expand and improve patient diagnosis and outcomes on a global basis through further enabling accuracy and early detection, according to Howard Berger, president and chief executive officer of RadNet.
iCAD has over 1,500 healthcare provider locations, facilitating over 8 million annual mammograms in 50 countries. “iCAD’s installed base and strong sales, engineering, and marketing capabilities will provide us with immediate broad and valuable customer relationships and commercialization capabilities that can accelerate our existing DeepHealth objectives,” says Berger in a release.
Dana Brown, president and CEO of iCAD, adds in a release, “As we join forces with RadNet to create a broad offering of AI-driven solutions, we have the opportunity to redefine how breast cancer and other diseases are detected and treated…With current and future products in breast cancer detection, risk evaluation, density assessment, and breast arterial calcification, we believe RadNet’s scale, access to data, and clinical leadership will ensure our current and future products are brought to market, improving radiologist and patient workflow and clinical outcomes.”
The transaction, expected to close in the second or third quarter of 2025, is subject to approval by iCAD stockholders and other customary closing conditions and was unanimously approved by each company’s board of directors.
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