Context

NORD Holding have acquired Hallmarq Veterinary Imaging from August Equity to merge it with German-based OR Technology. The transaction establishes a new, globally active imaging technology holding company in the veterinary sector. This is the second acquisition by NORD Holding in this sector in less than a year, following its partnership with OR Technology in 2025. The strategic rationale is to create a "one-stop-shop" for veterinary imaging, combining Hallmarq's specialized MRI/CT expertise with OR Technology’s digital X-ray and ultrasound portfolio. The combined group employs over 200 people across Europe, MEA, and North America. The merger allows for significant cross-selling opportunities and the integration of AI-supported diagnostic tools across a wider range of clinical applications, positioning the group as a global leader in multimodality veterinary diagnostics.

Target

Hallmarq Veterinary Imaging is a global pioneer in species-specific diagnostic imaging for veterinary practices. Its business model focuses on developing advanced MRI and CT solutions tailored specifically for equine and small animal medicine. The company’s value proposition centers on clinical innovation, such as the world’s first upright MRI for horses and helium-free 1.5T MRI systems for small animals, which eliminate the need for specialized cryogen logistics. Strategically, Hallmarq operates a service-heavy model across 28 countries, providing ongoing technical support and software-driven diagnostics (e.g., iNAV motion correction) to referral centers and veterinary hospitals. By focusing on "animal-first" engineering, the firm improves diagnostic accuracy while reducing facility modification costs for veterinary practitioners.