- Transaction, valued at TEV of AUS$3.4 billion, follows significant digital and AI-led transformation of I-MED as well as strong footprint & platform growth, further solidifying its regional market leadership
- Sale continues record period of distributions for Permira, following strategic exits of Evelyn Partners and AltamarCAM earlier in 2026
SYDNEY/LONDON – 25 MAY 2026 – Permira, the global investment firm, today announced that the Permira Funds, acting through their UK platform, have agreed the full realisation of their investment in I-MED Radiology Network (“I-MED” or the “Company”), Australia’s largest diagnostic imaging services provider, through a sale to Jardine Matheson Holdings Limited. The transaction has a total enterprise value of AUS$3.4 billion.
I-MED is the largest combined diagnostic imaging platform in Australia and New Zealand. With a footprint of 215 clinics, the Company delivers comprehensive imaging services across all modalities – including MRI, CT, X-Ray, Ultrasound and Nuclear Medicine – performing over seven million patient procedures per year. I-MED is also a leading provider of teleradiology services to hospitals in Australia and New Zealand via its I-TeleRAD business, and has a shareholding in Harrison.ai, a leading medical imaging AI company.
The Permira Funds acquired I-MED in 2018, partnering with the management team to help them accelerate the Company’s growth strategy and transformation across three core pillars – network expansion, AI transformation & digital infrastructure, and clinical excellence. Since then, I-MED has significantly grown its footprint across Australia and into New Zealand and the United States, completing a series of strategic acquisitions to cement its position as the regional market leader.
With the Permira Funds’ backing, I-MED became one of the earliest and most ambitious adopters of artificial intelligence in radiology globally. In 2019, the Company initiated a joint venture with Harrison.ai to develop AI-enabled diagnostic tools and image analysis capabilities, a partnership that evolved into the creation of the world’s only comprehensive medical imaging AI platform. This commitment to technology innovation and AI has also allowed I-MED to develop and deploy other proprietary solutions across its integrated and scaled network, delivering tangible operational and clinical impact, such as improved clinician efficiency and service delivery, a market-leading digital patient and referrer experience and helping to raise the standard of diagnostic care for patients.
Silvia Oteri, Partner and Global Head of Healthcare at Permira, said: “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.”
Dr. Shrey Viranna, CEO of I-MED Radiology Network, commented: “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.”
Lincoln Pan, CEO of Jardine Matheson, said: “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.”
The transaction is subject to customary regulatory approvals and conditions and is expected to close later in 2026.
