Medtech software company Intelerad Medical Systems will be sold to a UK-based private equity firm that specializes in software and service businesses, according to its current owner, Novacap.

The Canada-based private equity firm said it will sell Intelerad to Hg. The transaction is expected to close in the first quarter of 2020.

Intelerad specializes in diagnostic viewing, reporting and collaboration software for radiologists. It serves more than 300 hospitals, imaging centers, clinics and radiology groups and employs over 400 people in the U.S., Canada, the UK and Australia.

Over the last 4 years, Intelerad more than doubled its sales, according to Novacap. In 2018, Intelerad acquired Seattle-based workflow management company Clario Medical.

“From the day Novacap came on board, it was clear to us founders that the team had the passion, expertise and dedication necessary to bring Intelerad to great heights,” said Intelerad co-founder Randall Oka in a news release. “Novacap has exceeded our expectations, and we thank them and the Intelerad team for their hard work in bringing us to this enviable position today. We look forward to working with Hg to make a difference in healthcare.”

“Partnering with an Hg-led consortium will give us access to a huge pool of knowledge in global healthcare technology and the opportunity to significantly advance the company’s strategy,” added Intelerad CEO Paul Lepage. “I welcome our new investors, and also thank the Novacap team and our colleagues who all worked so hard to get us into this strong position, as well as our customers and partners for their continued trust over the last 20 years. Looking forward to exciting times ahead.”