BLACKFORD ANALYSIS acquired by SOPRIS CAPITAL
Context
Sopris Capital completed the acquisition of Blackford Analysis, the Scottish developer of AI orchestration software for medical imaging, from Bayer, buying the company outright. Blackford had launched its first orchestration platform in 2016 and kept its separate legal entity after the deal, along with its operations in Scotland and the United States and its existing relationships with imaging equipment manufacturers and hospital customers, with no change to current deployments. Managing director James Holroyd stayed with the business. Sopris Capital planned to combine Blackford with Azra AI, another of its portfolio companies, to extend Azra’s reach earlier in the patient journey, from the moment a scan is taken and analysed through to long-term follow-up after treatment. Managing partner Abinav Sankar led the investment for Sopris Capital.
In the past, Blackford Analysis was acquired by Bayer in 2023 as part of its expansion strategy.
BLACKFORD ANALYSIS, which reported an EBITDA margin of in 2026, 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
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2023 | BAYER | BLACKFORD ANALYSIS | UNITED KINGDOM | Healthcare |
REFERENCES
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Target: blackford analysis
Acquirer: sopris capital