Through this IPO, HCTI is raising up to a total $15 Million including an over-allotment of $2 Million.
SecureKloud Technologies Limited (SecureKloud), a global leader in cloud solutions has announced the approval to list its step-down subsidiary Healthcare Triangle Inc.™ (HCTI) in NASDAQ, marking a milestone moment for the Chennai-based IT and Cloud solutions company.
HCTI, launched in 2019 with headquarters in Pleasanton, California, is gaining momentum in the rapidly growing healthcare information technology segment, providing solutions in the areas of cloud services, data science, and professional and managed services for the healthcare and Life Sciences industry.
Through this IPO, HCTI is raising up to a total $15 Million including an over-allotment of $2 Million. The IPO proceeds will be utilized for potential acquisitions (although the Company has no current plans, arrangements or agreements for any acquisitions), working capital, research and development, and general corporate investments. The company’s growth strategies reflect the mission, to be the pioneer for massive, measurable, data-informed healthcare improvement. The healthcare cloud industry is worth a total addressable market of $300 billion. Bloomberg business report estimates that the global market for healthcare data science and analytics will be $40B by 2025 with a CAGR of 23.5%. To capitalize on this opportunity, HCTI will focus growth through our software as a service (SaaS) subscription model for CloudEz, DataEz and Readabl.AI platforms.
“HCTI listing in Nasdaq is a proud moment for us and we believe this is a once-in-a-lifetime opportunity for a company of this size and nature. Our goal is to become among the top 10 Healthcare IT companies in North America and we believe, this will unlock significant value over the next few years.” added Suresh Venkatachari, Chairman & CEO, SecureKloud and HCTI.
Thyagarajan R, CFO, SecureKloud and HCTI, stated that Nasdaq is a preferred marketplace for Technology companies driving innovation; “Transparency and governance will be our major focus. We believe this listing will enhance visibility and credibility among institutions, clients, and the investing public as we evolve and develop.” he added.
EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager for the offering
Source: Business World