Healthcare IT security firm Imprivata said on Wednesday that it has agreed to be acquired by an affiliate of private equity giant Thoma Bravo for roughly $544 million in cash.
Lexington, Mass-based Imprivata helps healthcare companies addresses security and compliance challenges through a variety of products and service offerings.
The company was founded in 2002, and according to Xconomy, came out of Polaroid’s startup incubator, based on identity management and user authentication software.
Imprivata originally went public in June 2014, after raising more than $50 million in funding prior.
The company reported $119.1 million for revenue in 2015, an increase of 23% from revenues of $97.0 in 2014.
Despite not even making it to top five most targeted industries in 2014, healthcare managed to grab the top spot last year, as five of the top eight largest healthcare security breaches since the beginning of 2010 took place in the first half of 2015. Overall, more than 100 million healthcare records were compromised last year.
Under the terms of the agreement, Imprivata shareholders will receive $19.25 in cash per share of Imprivata common stock, which represents a 33% premium to Imprivata’s last closing stock price of $14.50.