Who owns BLACKFORD ANALYSIS?

BLACKFORD ANALYSIS has been 100% owned by BAYER since January 2023.

When was BLACKFORD ANALYSIS acquired by BAYER?

BLACKFORD ANALYSIS was acquired by BAYER in 2023.

How is the data for the BLACKFORD ANALYSIS acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the BLACKFORD ANALYSIS deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.reuters.com/markets/deals/bayer-acquires-british-medical-imaging-ai-developer-blackford-2023-01-18/

What is the average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026?

The average EV/EBITDA multiple for the TMT (Tech, Media, Telecom) sector in 2026 is 14.7x.

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Home Database TMT (Tech, Media, Telecom)BLACKFORD ANALYSIS

01/2023

BLACKFORD ANALYSIS acquired by BAYER

UNITED KINGDOM Software / Industry-Specific Software / Healthcare REV 1m EUR - 100m EUR

Context

Bayer acquired Blackford Analysis, the British developer of AI orchestration software for medical imaging, in a deal announced on 18 January 2023 and completed on 13 February. Blackford became a wholly owned subsidiary of Bayer AG, with chief executive Ben Panter staying at its head. The purchase strengthened Bayer’s position in digital medical imaging and fitted its strategy in radiology, where it was working to bring artificial intelligence into clinical workflows alongside its contrast agents and imaging equipment business, led by radiology president Gerd Krüger. Blackford continued to operate at arm’s length within Bayer’s operating model, remaining responsible for developing its technology, its partnerships with imaging vendors and its portfolio of clinical applications.

BLACKFORD ANALYSIS, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.7x).

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Target

Founded in 2010, Blackford Analysis develops software that lets hospitals run artificial intelligence applications on their medical images. Its platform connects to a radiology department’s existing imaging systems and acts as a single point through which teams can trial, deploy and manage AI tools from different vendors, rather than integrating each one separately. The applications it carries are supplied by partner developers and analyse scans to help radiologists read them. Its customers are hospitals and the imaging equipment manufacturers that embed the platform in their own offerings, and the company operates from Scotland and the United States.

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Other operations with BLACKFORD ANALYSIS

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
10/2026	SOPRIS CAPITAL	BLACKFORD ANALYSIS	UNITED KINGDOM	Healthcare

REFERENCES

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: blackford analysis

Acquirer: bayer