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. Our growth strategies reflect our mission, to be the pioneer for massive, measurable, data-informed healthcare improvement. We believe there is a large, addressable healthcare market opportunity of $300 Billion remaining in our core business and significant market share to achieve. Bloomberg business report estimates that the global market for healthcare data science and analytics will be $40 Billion 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," said 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.
Shares of SECUREKLOUD TECHNOLOGIES LIMITED was last trading in BSE at Rs. 219.35 as compared to the previous close of Rs. 215.65. The total number of shares traded during the day was 37056 in over 1384 trades.
The stock hit an intraday high of Rs. 227.20 and intraday low of 215.60. The net turnover during the day was Rs. 8214893.00.