SecureKloud Technologies Limited, the cloud solutions company, has announced the approval to list its step-down subsidiary ---- Healthcare Triangle Inc. (HCTI), on NASDAQ, a milestone for the Chennai-based IT company. HCTI is a digital transformation company in the healthcare and life sciences industry.
HCTI, launched in 2019 with headquarters in Pleasanton, California, has gained momentum in the rapidly growing healthcare information technology segment, providing solutions in cloud services, data science, and professional and managed services in the healthcare and life sciences industry.
“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. We believe this will unlock significant value over the next few years,” said Suresh Venkatachari, Chairman & CEO, SecureKloud and HCTI.
Through this IPO, HCTI will raise $15 million, including an over-allotment of $2 million. The IPO proceeds will be utilised for potential acquisitions, working capital, research and development, and general corporate investments.
The healthcare cloud industry is worth a total addressable market of $300 billion. Bloomberg estimates that the global market for healthcare data science and analytics will be $40 billion by 2025 with a CAGR of 23.5%. HCTI will focus growth through its software as a service (SaaS) subscription model for CloudEz, DataEz, and Readabl.AI platforms to capitalise on this opportunity.
Thyagarajan R, CFO, SecureKloud and HCTI, stated that NASDAQ is a preferred marketplace for technology companies driving innovation, and "the listing will enhance visibility and credibility among institutions, clients, and the investing public as we evolve and develop.'
EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager for the offering.
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