Permira announced that the Permira Funds, acting through their UK platform, have agreed to sell I-MED Radiology Network to Jardine Matheson for a total enterprise value of AUS$3.4 billion.
I-MED is Australia’s largest diagnostic imaging services provider and operates a combined diagnostic imaging platform across Australia and New Zealand. The company has a network of 215 clinics and provides imaging services across MRI, CT, X-Ray, Ultrasound, and Nuclear Medicine modalities. I-MED performs more than seven million patient procedures annually and also operates the I-TeleRAD teleradiology business serving hospitals across Australia and New Zealand. The company also holds a shareholding in Harrison.ai.
Permira acquired I-MED in 2018 and partnered with the company’s management team to accelerate growth initiatives focused on network expansion, AI transformation, digital infrastructure, and clinical excellence. During Permira’s ownership period, I-MED expanded its footprint across Australia and into New Zealand and the United States through a series of acquisitions designed to strengthen its regional market leadership position.
One of the company’s most notable initiatives under Permira’s ownership was its investment in artificial intelligence capabilities. In 2019, I-MED partnered with Harrison.ai through a joint venture to develop AI-enabled diagnostic tools and image analysis technologies. The partnership evolved into what the companies described as a comprehensive medical imaging AI platform. I-MED also deployed additional proprietary AI and digital solutions across its operations to improve clinician efficiency, enhance patient and referrer experiences, and support diagnostic care delivery.
The transaction also continues a strong period of exits and distributions for Permira following earlier 2026 exits involving Evelyn Partners and AltamarCAM.
KEY QUOTES:
“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 Shrey, Clare and the rest of the I-MED management team have put in. We are proud of what we built together and wish them, Lincoln Pan and Jardines every success in this next exciting chapter.”
Silvia Oteri, Partner and Global Head of Healthcare at Permira
“Permira has been an exceptional partner to me, our management team and to I-MED during this exciting journey. Their investment and support enabled us to grow our network, invest in clinical excellence, become a true pioneer in AI-driven diagnostics and, most importantly, significantly improve the patient and practitioner experience. Our development of technology and AI, which has been deployed across our operational, commercial and clinical activities, are achievements that we are enormously proud of, and they would not have been possible without the conviction and resources Permira committed. These investments have enabled I-MED’s leading team of clinicians to continue to provide high-quality care to our patients and their referrers. We look forward to our next phase of growth with Jardine Matheson.”
Dr. Shrey Viranna, CEO of I-MED Radiology Network
“Jardine Matheson is excited to partner with Dr. Shrey Viranna and the outstanding doctors and clinicians of I-MED to support the business in the next phase of its growth, following a period of transformation and success with Permira. As a long-term committed investor, our goal is to build larger, high-quality businesses across our portfolio. I-MED is already a market leader in radiology today, and with Jardine’s support, we expect the business will expand further in I-MED’s core markets as well as new markets. The investment in I-MED is consistent with our capital allocation priorities to invest for control in market-leading assets and to expand Jardine Matheson into strong growth verticals such as healthcare diagnostics. We thank Silvia Oteri and the Permira team for trusting us to be the future steward of I-MED. They have built an outstanding team and platform at I-MED during their ownership.”
Lincoln Pan, CEO of Jardine Matheson
