The American group based in Los Angeles, RadNet, acquires the French company Gleamer to integrate it into DeepHealth, its subsidiary dedicated to AI solutions in radiology. The operation, carried out in cash for an amount of up to 230 million euros, milestones included, is part of a vertical integration strategy aimed at transforming a network of imaging centers into an industrial clinical AI platform.
A response to the structural constraints of the sector
RadNet operates more than 400 imaging centers in the United States. The group is operating in a context marked by two major trends: the continued increase in examination volumes and the global shortage of radiologists.
Howard Berger, president and CEO of RadNet, sums up the equation this way:
“As imaging volumes continue to increase amid an accelerating shortage of radiologists globally, reengineering high-volume workflows, particularly for routine imaging such as x-ray, ultrasound and mammography, becomes essential to preserving access, efficiency and quality of care. »
In this context, AI is not presented as a substitute for the radiologist but as a productivity lever. Howard Berger specifies:
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“I don’t think disruption is the right term. (…) These are tools that will improve productivity, allow us to continue to grow and meet demand. »
Gleamer provides precisely these building blocks: automated prioritization of examinations, assistance with interpretation, generation of pre-filled reports and, in certain cases, automated reporting capabilities already deployed in Europe.
Lock routine imaging
During its Investor Day last year, RadNet demonstrated its ambition to become a leader in so-called “routine” imaging (mammography, standard radiography, ultrasound) which accounts for the majority of volumes. However, radiography represents approximately 25% of the RadNet network volumes. By integrating Gleamer, the group is equipped with tools capable of automating the triage of urgent cases, speeding up the writing of reports and standardizing interpretation.
Shyam Soka, operational and technical director of Digital Health, indicates on this subject:
“RadNet intends to implement a fully AI-enabled workflow, starting with triage of critical results to expedite the interpretation of urgent cases. The acquisition will also accelerate the introduction of assisted writing capabilities, allowing radiologists to increase their reading volumes with greater accuracy and standardization. »
Transform a physical network into a software platform
RadNet has an asset that few AI publishers have, namely a large-scale testing ground. By combining its network of centers with Gleamer’s solutions, DeepHealth now boasts an installed base of more than 2,700 customers in 44 countries and a portfolio including 26 FDA-cleared and 22 CE-marked devices.
Kaes Westorpe, Chief Executive Officer of Digital Health, highlights:
“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 structuring. Gleamer, which raised €50 million before its buyout and is expected to reach around $30 million ARR in 2026.
Accelerate towards automated reporting
One of Gleamer’s differentiating elements lies in its automatic report generation capabilities, already in early deployment in Europe.
Shyam Soka explains it:
“Gleamer has developed automated reporting capabilities where AI is able to create the clinical report on behalf of the radiologist without human intervention. This feature is already in early deployment to customers in Europe. »
The ambition is to integrate these capabilities across the entire radiological value chain, from image acquisition to final report production. DeepHealth describes a platform combining “clinical AI, generative AI and agentic AI” within a unified environment.
A defensive and offensive movement
Before its takeover, Gleamer itself was in a process of consolidation, with the acquisitions of Pixyl and Caerus Medical in order to broaden its scope to cerebral and lumbar MRI. RadNet thus gets its hands on an already structured platform.
In a fragmented radiological AI market, the operation allows the American group to get a head start against medical equipment manufacturers and hospital software players.
Howard Berger concludes:
“This event is, I believe, a defining moment not only in the history of RadNet, but in what it represents at the dawn of this new era of artificial intelligence which will be transformative for the industry and for health in general. »
The acquisition of Gleamer therefore does not mark a diversification, but a repositioning: RadNet intends to go beyond its status as an operator of imaging centers to become a player in radiology technological infrastructure.
French and European players facing American consolidation
In Europe, the landscape is fragmented between networks of imaging centers and specialized technological players. On the operator side, groups like Affidea, Alliance Medical or Evidia structure transnational networks, while in France organizations like Vidi or IMDEV rely more on groups of radiologists and territorial logics. On a technological level, the French ecosystem is active, with players like Intrasense, Raidium or Gleamer itself before its acquisition, but most still operate on a smaller scale than that of the large American groups. The acquisition of Gleamer by RadNet thus illustrates a power gap: in Europe, consolidation remains predominantly national or regional, while American players now combine physical networks, software platforms and investment capacity on a global scale.
What this acquisition says about the French market
For the French market, the operation sends several signals. It confirms the technological attractiveness of French medical AI companies, capable of developing solutions that are clinically validated and deployed internationally. Then, it highlights a structural limit: the difficulty for these players to reach a global industrial milestone alone, particularly in terms of distribution and large-scale integration. Finally, it suggests that the next phase of the market will no longer be played out solely on algorithmic performance, but on the ability to integrate AI into massive operational networks, capable of demonstrating its economic and organizational impact. For French players, the question becomes strategic: remain independent in a rapidly industrializing market, or lean on international platforms to change scale.
Investors rewarded with an international industrial exit
For Gleamer investors, the operation constitutes a significant exit in a segment that is still not very mature in France. The company had raised around 50 million euros in total: a seed round in 2018 (1.5 million euros) from Elaia and XAnge in particular, a series A of 7.5 million euros in 2020 led by XAnge, then a series B of 27 million euros in 2023 from Heal Capital and Supernova Invest.
With a buyout of up to 230 million euros, milestones included, the trajectory offers a rare window of liquidity in French medical AI. The national market remains marked by significant fundraising but still few industrial exits of international scope. In this context, the Gleamer operation is among the most visible transactions in the sector, illustrating the capacity of a French player to create a strategic asset mature enough to interest an American listed group.
More broadly, it confirms a point often emphasized: in France, technological creation in health is solid, but the move to industrial scale frequently occurs via integration into an international group rather than through independent development.
