RadNet Inc. has entered into a definitive agreement to acquire iCAD Inc. in an all-stock transaction valued at approximately $103 million.

The deal is aimed at expanding RadNet’s footprint in AI-driven breast cancer detection through the integration of iCAD’s technology and international customer base.

Shareholders of the Nashua, New Hampshire-based iCAD will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock. Based on RadNet’s closing price on April 14, the offer represents a roughly 98% premium over iCAD’s most recent stock price.
Los Angeles-based RadNet plans to integrate iCAD into its DeepHealth subsidiary, which focuses on artificial intelligence applications for diagnostic imaging. iCAD’s portfolio, including the ProFound Breast Health Suite, will be added to DeepHealth’s existing breast screening solutions. The merger will also bring iCAD’s commercial and engineering teams into the DeepHealth fold.

According to RadNet, iCAD’s installed base of more than 1,500 healthcare provider locations across over 50 countries will provide immediate expansion opportunities. iCAD’s tools are currently used in approximately 8 million mammograms annually.

RadNet president and CEO Dr. Howard Berger stated, “iCAD’s installed base and strong sales, engineering and marketing capabilities will provide us with immediate broad and valuable customer relationships and commercialization capabilities.”

iCAD president and CEO Dana Brown emphasized the potential for combining AI-driven technologies across both companies, adding, “We have the opportunity to redefine how breast cancer and other diseases are detected and treated.”

The boards of directors of both companies have unanimously approved the transaction, which is expected to close in the second or third quarter of 2025 pending customary closing conditions and approval by iCAD shareholders.

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