Several large healthcare acquisitions and divestments are underway this week as risk management specialist Clearwater acquires security management firm Tech Lock; governance, risk and compliance firm RLDatix acquires Galen Healthcare Solutions, 3M Spin off its own healthcare business.
Clearwater provides a range of managed services to the healthcare industry and provides risk management and HIPAA compliance software , acquired a RevSpring subsidiary for an undisclosed amount.
Tech Lock’s security services bundle 24/7 security operations center capabilities and managed detection and response services through its proprietary security orchestration and response engine.
The cloud-based service includes additional foundational security features, including real-time protection against ransomware threats and blocking incidents, even on compromised or infected devices.
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This acquisition is also expected to strengthen Clearwater’s focus on HIPAA as Tech Lock’s team of experts providing g HITRUST certification, PCI audits and CMMC assessments join the Clearwater team.
Tech Lock will operate as a subsidiary of Clearwater, with former CEO Brian McManamon serving as business unit head reporting to Clearwater CEO Steve Cagle.
“This is a very exciting day for our company and our customers as we add great people, strong technology and key services to our solution The portfolio enables Clearwater to deliver greater value to the healthcare industry,” Cagle said in a statement.
“Clearwater now has the ability to provide 24/7 expert detection and response services, providing customers with enhanced cyber resilience to protect data, reduce business disruption and achieve better security outcomes .”
Meanwhile, RLDatix , a developer of smart patient safety technology, acquired for an undisclosed sum Galen Healthcare Solutions.
Galen specializes in data migration and decommissioning of legacy cloud-based systems, as well as providing a range of solutions for transition services including system support, implementation and optimization.
The companies said the acquisition will improve their legacy data retention and management capabilities and allow them to help organizations meet regulatory requirements for data retention.
“Combining RLDatix’s leading GRC and workforce management capabilities, Galen’s award-winning products and services, a commitment to exceeding customer expectations and unmatched expertise in data management will transform us Views on the healthcare business,” RLDatix CEO Jeff Surges said in a statement. “We’re excited about the future and how we’ll work together to make healthcare safer.”
This week, 3M confirmed its plans to spin off its healthcare business to create an independent healthcare technology company called “Health Care” focused on wound care, oral care, healthcare IT and biopharma filtration.
The tax-free transaction is expected to be completed by the end of next year. 3M’s healthcare business generated about $8.6 billion in sales last year, and the “new 3M” will retain a 19.9 percent stake in healthcare, a company statement said.
“The decision to divest our healthcare business will result in two well-capitalized world-class companies capable of pursuing their respective priorities,” 3M Chairman and CEO Mike Roman said in a statement.