Intelerad Medical Systems, a Montreal-based developer of PACS and other software, has received “a significant investment” from NOVACAP, one of the largest private equity firms in Canada.

The investment is being financed through NOVACAP’s TMT IV Fund, which is used to partner with companies with high growth potential in the technology, media, and telecommunications sectors.

“Intelerad’s success can be attributed to its innovative solutions and best-in-class customer service,” François Laflamme, NOVACAP senior partner, said in a prepared statement. “Our investment will allow Intelerad to enhance its operations, engage in strategic growth opportunities, and accelerate funding of key research and development programs, to continue building the Company’s leading suite of products. It is already well-positioned in the healthcare IT market and we look forward to working directly with its team to help it grow the Company even further.”

"Medical imaging is an evolving industry and we've been conscious to adapt—developing features and benefits that allow our customers to remain competitive in their market,” Randall Oka, Intelerad president and CEO, said in the prepared statement. “By teaming-up with NOVACAP, we will benefit from their expertise in growing successful organizations, and we will be working together to accelerate our growth and take Intelerad to the next level.”

This partnership between Intelerad and NOVACAP is expected to focus on the reach of Intelerad’s PACS and RIS products. InteleOne XE, which gives physicians access to images from various RIS, HIS, EMR, PACS and VNA systems, was specifically highlighted in the statement.

NOVACAP has worked with more than 70 North American businesses since 1981 and has over $1.5 billion in assets under management.