A Clearwater-based cybersecurity giant has been acquired by a Boston-area company.
FairWarning, a security company with a specialty in protecting electronic health records, was acquired by Massachusetts-based Imprivata for an undisclosed amount on Wednesday. Imprivata is a "digital identity company" in the health care sector.
"Our platform fits perfectly into Imprivata’s digital identity framework for health care and complements Imprivata’s focus on making identity accessible and secure across regulated workflows,” Ed Holmes, CEO of FairWarning, said in a statement. “We’re excited to join forces with Imprivata to offer a more comprehensive and integrated solution to our joint customers, and to continue to advance innovation in the digital identity and privacy space.”
Holmes is relatively new to the position — he was hired in September 2019, after the role was temporarily filled for almost a year.
"Simply put, with the combination of Imprivata and FairWarning, we are converging the who and the what," said Russ Branzell, president and CEO at the College of Healthcare Information Management Executives, in a statement. "That’s the real answer in privacy and security in health care.”
FairWarning has been growing at a rapid pace over the last few years. In 2018, the company received a $60 million investment from Mainsail Partners, a San Francisco private equity firm. In 2019, company officials said they would be using the funds to hire roughly 50 new employees. And in 2020, Holmes continued to flesh out the C-suite just before the novel coronavirus pandemic hit.
In a May interview, Holmes told the Tampa Bay Business Journal he planned to hold off on future funding for the time being and get back to a state of growth. The medtech industry has seen a massive increase in interest due to the coronavirus pandemic, which has forced many health care institutions to quickly adapt digital solutions.
"There are pros and cons — the pros are a lot of people are looking at the business in a new way," he said. "When you're going through a crisis like this, it’s not, 'We've always done it like this.' There's a willingness to see change."
FairWarning has become the latest in a growing list of acquisitions in the Tampa Bay area. In November, software company ConnectWise acquired two cybersecurity companies, including Tampa-based Perch Security.
Check back as this is a developing story.
