Radiology giant CEO exits as $3.4 billion deal moves forward

Radiology giant I-MED’s CEO, Dr Shrey Viranna, resigned on Monday, coinciding with the $3.4 billion acquisition of the company. Chief Financial Officer, Clare Battellino, has stepped in as interim CEO, leading the business while the Hong Kong-based conglomerate Jardine Matheson finalises regulatory approvals for the transaction.

 I-MED operates an integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, and is a leader in teleradiology in Australia, New Zealand and the United States. The Company performs approximately 7 million patient procedures annually.

Permira acquired I-MED in 2018 and has partnered with management and radiologists to help them accelerate the Company’s growth strategy across three core pillars: network expansion, AI transformation & digital infrastructure, and clinical excellence.

Lincoln Pan, CEO of Jardine Matheson, said “As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth. I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.”

Silvia Oteri, Partner and Global Head of Healthcare at Permira, said “When we backed I-MED in 2018, we saw a business with a strong market position and a deeply trusted clinician network, operating in a sector where structural tailwinds are exceptional – diagnostic imaging is at the heart of modern preventive medicine. In the years since, the I-MED team has built something well beyond the largest diagnostic imaging platform in the region; today, it is a business that has embraced AI and technology without losing sight of what makes it special, which is the quality and trust of its clinical relationships and its unwavering focus on its patients. Delivering a strong exit in this market environment reflects both the quality of the asset and the remarkable work of the I-MED management team have put in.”

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