May 3, 2015 -
Under the terms of the deal, Imprivata paid approximately $19.1 million in cash at closing.
The company will also pay up to $1.9 million in retention-based payments two years from closing as well as up to $5.0 million based on achieving certain sales targets over the two-year period following the transaction.
“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. “Without systems for secure patient identification and access, meaningful patient engagement across the care continuum will be nearly impossible. We are very excited that with HT Systems, we are acquiring a leading biometric patient identification product that we can leverage through our global distribution channel and partner ecosystem to expand rapidly and meet our customers’ needs.”
The Tampa-based HT Systems serves hospital systems and large medical groups across the U.S.
The company’s PatientSecure biometric patient identification system works by distinguishing the vein pattern in the patient’s hand and retrieves the correct medical record in the healthcare provider’s electronic health record system at patient check-in.
The biometric patient identification system significantly improves patient safety and satisfaction, eliminates duplicate medical records and overlays, and protects healthcare providers and patients 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 HT Systems CEO David Wiener. “By joining Imprivata, we have a tremendous opportunity to rapidly expand the development and adoption of the PatientSecure solution. Imprivata and HT Systems share the same vision of helping healthcare providers focus on better patient care of their patients through our innovative technologies. We will accelerate achieving our shared goal through this acquisition.”