Nashville, TN: (July 30, 2025) Bailey & Company announced today that it served as the exclusive financial advisor to IRIS, the US leader in AI-assisted diabetic retinopathy screening at the point of care, in its sale to Topcon Healthcare, Inc., a global leader in digital health and ocular data solutions. Topcon Healthcare is backed by global private equity firm, KKR.
IRIS is recognized for its ability to bring retinal screenings into routine clinical settings, empowering primary care physicians, Federally Qualified Health Centers (FQHCs), and health systems to identify undiagnosed retinal disease as part of standard preventive care. Its platform features seamless EMR integration, AI-assisted diagnostics, and broad camera compatibility, enabling providers to screen for diabetic retinopathy and other conditions efficiently and at scale.
By integrating IRIS into its Healthcare from the Eye™ initiative, Topcon Healthcare is further strengthening bidirectional care coordination between primary care providers (PCPs) and eye care providers (ECPs). The acquisition supports the vision of a connected care model in which patients at risk for eye diseases can be identified earlier in primary care and referred to ECPs for timely diagnosis and treatment. In turn, ECPs using AI-analyzed ocular data to detect signs of systemic or neurological disease will be better equipped to refer patients back to primary care for further evaluation, creating a feedback loop that enhances outcomes and closes care gaps.
Steven Martin, CEO at IRIS, commented on the opportunity to scale impact with Topcon Healthcare’s support: “With Topcon Healthcare’s investment in connected care infrastructure, we’re well-positioned to expand our impact. Together, we’ll ensure providers of all sizes can confidently deliver preventive screenings that improve outcomes and reduce disparities.”
“We are pleased to have served as the exclusive financial advisor to IRIS in this significant transaction within the diabetic retinopathy screening market,” said Steven Harris, Managing Director at Bailey & Company. “Our deep expertise in tech-enabled preventive care services and the broader healthcare technology sector enabled us to effectively advise IRIS in this successful partnership with Topcon Healthcare. We are excited about the growth prospects and continued innovation within eye care this strategic combination will generate.”
Bailey is a Nashville-based merchant banking platform focused on growth and middle-market healthcare and technology companies. Through the firm’s M&A advisory and principal investing businesses, Bailey supports strong management teams that have built scalable platforms by providing strategic insights, world class advice, and access to one of the most diverse networks of industry experts. For more information see: www.bnco.com.
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