Imprivata buys HT Systems, enters $2 billion identification market
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The PatientSecure solution has helped many hospitals address critical issues.
"The acquisition of HT Systems represents our first strategic investment in expanding our market to patients. Patient engagement is going to become a critical part in the providing of care across the healthcare continuum," said Omar Hussain, president and CEO of Imprivata.
Based in Tampa, Fla., HT Systems serves hospital systems and large medical groups across the U.S. The PatientSecure biometric patient identification system has identified more than 22 million patients across 65 healthcare systems comprising more than 350 hospitals and thousands of clinics.
PatientSecure provides positive patient identification by distinguishing the vein pattern in a patient’s hand and retrieving the correct medical record in the healthcare provider’s electronic health record system at patient check-in. This improves patient safety and satisfaction, eliminates duplicate medical records and overlays, and guards against identity theft and insurance fraud.
"The PatientSecure solution has helped many hospitals address critical issues with patient identification and millions of patients safely register for care," said David Wiener, CEO of HT Systems.
Under the terms of the transaction, Imprivata paid approximately $19.1 million in cash at closing. Additionally, Imprivata will pay up to $1.9 million in retention-based payments two years from closing plus up to $5.0 million based on achieving certain sales targets over the two-year period following the transaction.
Imprivata management will provide additional details of its acquisition of HT Systems on its first quarter 2015 earnings call, scheduled for Monday, May 4 at 5:00 p.m. ■