Malaysia-headquartered private equity (PE) firm Navis Capital is among the second-round bidders competing for Australian cardiac diagnostics company CardioScan, according to two sources familiar with the matter.

As reported by this news service in mid-September, the sale of CardioScan has entered the second round with around three to four shortlisted PE bidders, with the asset predicted to fetch a valuation of around AUD 100m (USD 67m).

Navis has made it to the second round for CardioScan and is well-positioned to acquire it since its portfolio company, Device Technologies, a medical device company, already has an established presence in Southeast Asia, which could help CardioScan’s future growth, one of the sources said.

The second round of the sale process is expected to be due soon, with a deal agreement expected by the end of the calendar year, according to the second source.

In July 2025, this news service first reported that CardioScan, 85% owned by US-based Harbert Management Corporation, was on the market, with Sydney-based Allier Capital advising on the process.

Founded in Melbourne by renowned cardiologist Associate Professor Harry Mond more than four decades ago, CardioScan provides cardiac diagnostic device and technology solutions such as Holter monitoring and ECG reporting services. It has since provided cardiac reporting for more than 20 million patients and grown into a global leader in cardiac diagnostics, with operations across Oceania, North America, Asia, and Europe, and doing 800,000 cardiac tests annually across 11 countries, according to its website.

Apart from Australia, the company also has regional offices in New Zealand, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, the UK, and the US, as reported.

CardioScan and Harbert did not reply to requests for comment. Navis Capital declined to comment.