GE HealthCare ( NASDAQ: GEHC ) entered into an agreement for the acquisition of Intelligent Ultrasound Group's (IAU) clinical AI business and certain other clinical AI-related assets for a total consideration of approximately $51 million. The proposed deal excludes the NeedleTrainer and NeedleTrainer Plus products, which will remain within IUG, along with the simulation business, IUG said in a statement. The development adds innovative, real-time image recognition technology and expertise to GE HealthCare’s portfolio of AI-enabled devices.

The AI-based technology from Intelligent Ultrasound bolsters GE HealthCare’s portfolio of AI-enabled devices to improve patient care quality, provide real-time support for OBGYN scans, and improve exam accuracy and efficiency. GE HealthCare intends to fund this transaction with cash on hand. The transaction is expected to close in Q4 of 2024.

The proposed deal also values the clinical AI business at 33.8 times full year 2023 revenues of that business, IUG said in a statement. More on GE HealthCare Technologies GE HealthCare: Near-Term Risks, But Some Interesting Longer-Term Opportunities Despite Strong Upside, GE HealthCare Warrants A Downgrade On Guidance Concerns GE HealthCare: A Good Buy At Current Levels GE Healthcare announces changes in leadership and key segments GE HealthCare slips on Q1 miss.