Healthcare IT Service Provider Imprivata Files Seeking A $115M IPO.
IT startups that provide services for health care companies continue to thrive with the latest company to cash in on the the lucrative business, known as Imprivata. With its recent announcement of its plans for making an initial public offering of stock at the NYSE. Imprivata currently stands to raise an amount of $115 million in the IPO.
Imprivata’s products include a single sign-on tool, Imprivata OneSign, which will allow people to manage their access to the health care system. The company will also offer a workflow too and tools that can be utilized to secure communications, which includes texting more securely. Onesign will allow users to log onto the computer system with the use of their finger prints readers, proximity cards, smartcards, or tokens, instead of using the traditional method of logging in with username and password. The company has claimed, during its filing with the SEC, that some of their customers have been their health care workers save 45 minutes per shift thanks to its technology.
Imprivata has provided service for over more than 900 healthcare organization in 18 countries, representing over 2.6 million people using their products, according to the company’s website. While health care is the main focus for the company, it has commented that an additional 400 non-health care organization, representing over 740,00 workers, has also used their single sign-on product, which has included financial services and government agencies.
This integrates with most major electronic medical record systems, such as Allscript, Meditech, Epic, McKesson, and Siemens. Along with an IT vendor such as VMware, HP, Citrix, and Dell. It managed to gain over $71 million in sales for 2013, for a net lost of about $10.5 million.
The company is currently based in Lexington, Massachusetts, and was originally founding during 2001. It has managed to raise a total of $23.9 million to date, and most recently with a $15 million round that was led by SAP Ventures back in 2008.
Imprivata is currently known as a “emerging growth company” under the JOBS Act, meaning that, until it reaches an amount of $1 billion in annual revenue, it will have reduced reporting requirements relative to other public companies.