Why U.S. company RadNet is acquiring GLEAMER for €230 million

The Los Angeles–based group RadNet is acquiring French company Gleamer in order to integrate it into DeepHealth, its subsidiary dedicated to AI solutions for radiology. The transaction, carried out in cash for an amount that could reach €230 million including milestones, is part of a vertical integration strategy aimed at transforming a network of imaging centers into an industrial platform for clinical AI.

A response to a structural constraint in the sector

RadNet operates more than 400 imaging centers in the United States. The group operates in a context shaped by two structural trends: the continuous increase in imaging volumes and the global shortage of radiologists.

Howard Berger, President and CEO of RadNet, summarizes the equation:

“As imaging volumes continue to increase amid an accelerating global shortage of radiologists, re-engineering high-volume workflows—particularly for routine imaging such as radiography, ultrasound and mammography—becomes essential to preserve access, efficiency and quality of care.”

In this context, AI is not presented as a substitute for radiologists but as a productivity lever. Berger clarifies:

“I don’t think disruption is the right term. (…) These are tools that will enhance productivity, allow us to continue to grow and meet demand.”

Gleamer provides precisely these building blocks: automated exam prioritization, interpretation assistance, pre-filled reporting and, in some cases, automated reporting capabilities already deployed in Europe.

Locking in routine imaging

During its Investor Day last year, RadNet expressed its ambition to become a leader in so-called “routine imaging”—mammography, standard radiography and ultrasound—which accounts for the majority of imaging volumes. Radiography alone represents roughly 25% of RadNet’s total exam volumes.

By integrating Gleamer, the group gains tools capable of automating urgent case triage, accelerating report generation and standardizing interpretation.

Shyam Soka, Chief Operating and Technology Officer of Digital Health, explains:

“RadNet intends to implement a fully AI-enabled workflow, starting with the triaging of critical findings to accelerate the interpretation of urgent cases. The acquisition will also accelerate the introduction of assisted reporting capabilities, enabling radiologists to increase their reading volumes with greater accuracy and standardization.”

Transforming a physical network into a software platform

RadNet possesses an asset that few AI software vendors have: large-scale real-world infrastructure.

By combining its network of imaging centers with Gleamer’s technology, DeepHealth now claims a global installed base of more than 2,700 clients in 44 countries, as well as a portfolio of 26 FDA-cleared devices and 22 CE-marked products.

Kaes Westorpe, CEO of Digital Health, states:

“With this acquisition, DeepHealth becomes the largest global provider of clinical AI solutions in radiology, both in terms of breadth of offering and ARR.”

The financial argument is also significant. Gleamer, which had raised around €50 million prior to the acquisition, is expected to reach approximately $30 million in ARR by 2026 (around €25.5 million).

Accelerating toward automated reporting

One of Gleamer’s differentiating capabilities lies in automated report generation, already in early deployment in Europe.

Shyam Soka explains:

“Gleamer has developed automated reporting capabilities where AI is able to generate the clinical report on behalf of the radiologist without human intervention. This functionality is already in early deployment with clients in Europe.”

The ambition is to integrate these capabilities across the entire radiology value chain—from image acquisition to the production of the final report. DeepHealth describes a platform combining clinical AI, generative AI and agentic AI within a unified environment.

Both a defensive and offensive move

Prior to the acquisition, Gleamer itself had been pursuing consolidation, acquiring Pixyl and Caerus Medical to expand into brain and lumbar MRI analysis. RadNet is therefore acquiring an already structured platform.

In the fragmented radiology AI market, the deal allows the American group to move ahead of both medical equipment manufacturers and hospital software vendors.

Howard Berger concludes:

“This event is, I believe, a defining moment not only in RadNet’s history, but in what it represents at the dawn of this new era of artificial intelligence that will be transformative for the industry and for healthcare in general.”

The acquisition of Gleamer therefore does not represent a diversification but rather a strategic repositioning: RadNet intends to move beyond its role as an imaging-center operator to become a technology infrastructure player in radiology.

French and European players facing U.S. consolidation

In Europe, the landscape remains fragmented between imaging-center networks and specialized technology companies. On the operator side, groups such as Affidea, Alliance Medical and Evidia structure transnational imaging networks, while in France organizations such as Vidi or IMDEV rely more on federations of radiologists and territorial models.

On the technological side, the French ecosystem remains active, with players such as Intrasense, Raidium and Gleamer prior to its acquisition. However, most still operate at a scale smaller than that of major American groups.

The acquisition of Gleamer by RadNet therefore illustrates a gap in industrial scale: in Europe, consolidation remains largely national or regional, while U.S. players increasingly combine physical networks, software platforms and global investment capacity.

What this acquisition says about the French market

For the French market, the transaction sends several signals. First, it confirms the technological attractiveness of French medical-AI companies, capable of developing clinically validated solutions deployed internationally.

Second, it highlights a structural limitation: the difficulty for these players to independently reach global industrial scale, particularly in terms of distribution and large-scale deployment.

Finally, it suggests that the next phase of the market will not be determined solely by algorithmic performance, but by the ability to integrate AI into large operational networks capable of demonstrating its economic and organizational impact.

For French companies, the strategic question becomes clear: remain independent in a rapidly industrializing market, or integrate into international platforms to scale globally.

Investors rewarded with an international industrial exit

For Gleamer’s investors, the transaction represents a significant exit in a still relatively immature segment in France.

The company had raised approximately €50 million in total, including:

• a €1.5 million seed round in 2018, notably from Elaia and XAnge
• a €7.5 million Series A in 2020, led by XAnge
• a €27 million Series B in 2023, from Heal Capital and Supernova Invest

With a potential acquisition price of up to €230 million including milestones, the trajectory provides a rare liquidity event in the French medical-AI ecosystem.

The national market remains characterized by large funding rounds but still relatively few industrial exits of international scale. In this context, the Gleamer transaction stands out as one of the most visible deals in the sector, illustrating the ability of a French company to create a strategic asset mature enough to attract a listed American group.

More broadly, the deal confirms a frequently observed pattern: France is strong at creating technological innovation in healthcare, but industrial scaling often occurs through integration into international groups rather than through fully independent expansion.