US-based Imprivata, a SAP-backed provider of authentication and security services for hospitals, has filed for an initial public offering that could raise up to $115m.
SAP Ventures, the corporate venturing unit of software company SAP, led Imprivata’s $15m series C round in 2008 but owns less than 5% of the company’s stock. Venture capital firms Polaris Partners, Highland Capital Partners and General Catalyst Partners each hold 25.3% of Imprivata having invested in a $12m round in 2006 and a $5m series A the previous year.
Imprivata produces technology that makes signing into hospital workstations quicker and easier through the use of swipe badges or fingerprinting, as well as giving different healthcare services, such as hospitals, rehabilitation clinics and care homes, the means to communicate securely with each other. It plans to use the proceeds from the IPO for general corporate purposes.
J.P. Morgan Securities and Piper Jaffray & Co. have been appointed joint book-running managers for the offering and as representatives of the other underwriters, William Blair & Company, Wells Fargo Securities and Stephens Inc.