Imprivata Acquires Biometrics Technology Developer HT Systems for $19M
Imprivata says the deal will help it expand in the growing patient identification market, which Imprivata estimates to be worth $2 billion worldwide.
The HT Systems palm-scanning solution acquired by Imprivata is designed to let patients check in quickly and avoid problems with duplicate medical records.
LEXINGTON, Mass. – Health care IT security firm Imprivata has acquired vein-scan biometric technology developer HT Systems for about $19.1 million. Under the terms of the cash deal, the company will also pay up to $1.9 million in retention-based payments two years from closing, as well as up to $5 million based on achieving certain sales targets over the two-year period following the transaction.
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The deal is the first for Imprivata since it went public on the New York Stock Exchange last year, and is its first push to sell technology that can be used by patients. The company’s products so far have focused on health care providers, such as a system that allows doctors to log on to various software programs with the tap of an ID badge.
“Patient engagement is going to become a critical part in the providing of care across the health care continuum,” Omar Hussain, president and CEO of Imprivata, stated in a press release. “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.”
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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 health care provider’s electronic health record system at patient check-in.
The biometric patient identification system significantly improves patient safety, eliminates duplicate medical records and overlays, and protects health care providers and patients against identity theft and insurance fraud, according to the press release.
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“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.”
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