Several big healthcare acquisitions and divestments were underway this week, as risk management specialist Clearwater bought security management firm Tech Lock; governance, risk and compliance company RLDatix snapped up Galen Healthcare Solutions and 3M spun off its own healthcare business.
Clearwater, which provides a range of managed services for the healthcare industry, as well as providing risk management and HIPAA compliance software, bought the RevSpring subsidiary for an undisclosed sum.
Tech Lock’s security services bundle 24/7 security operations center functions and managed detection and response services through its proprietary security orchestration and response engine.
The cloud-based services include additional foundational security capabilities, which include preventing ransomware threats in real-time and blocking events, even on compromised or infected devices.
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The acquisition is also expected to bolster Clearwater’s focus on HIPAA as Tech Lock’s team of experts providing HITRUST certifications, PCI audits, and CMMC assessments join the Clearwater team.
Tech Lock will operate as a subsidiary of Clearwater, with the former CEO Brian McManamon serving as the business unit leader and reporting to Clearwater CEO Steve Cagle.
“This is a very exciting day for our company and for our customers as we’ve added great people, powerful technology, and key services to our solution portfolio that position Clearwater to deliver even greater value to the healthcare industry,” Cagle said in a statement.
“Clearwater now has capabilities to provide 24/7 expert detection and response services, giving clients enhanced cyber resiliency to protect data, reduce business interruption, and achieve better security outcomes.”
Meanwhile, RLDatix, a developer of intelligent patient safety technologies, acquired Galen Healthcare Solutions for an undisclosed sum.
Galen specializes in data migration and cloud-based legacy system retirement, as well as providing a range of solutions for transition services, including system support, implementation, and optimization.
The companies say the acquisition will improve their legacy data retention and management capabilities and allow them to help organizations meet regulatory requirements for data retention.
“When coupled with RLDatix’s leading GRC and workforce management capabilities, Galen’s award-winning products and services, commitment to overdelivering on client expectations and unmatched expertise across data management will transform how we think about healthcare operations,” RLDatix CEO Jeff Surges, said in a statement. “We are excited for the future and how together, we will help to make healthcare safer.”
Also this week, 3M confirmed its plans to spin off its health care business to create an independent healthcare tech 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 reported approximately $8.6 billion in sales last year, while “New 3M” will retain a stake of 19.9% in Health Care, a company release stated.
“The decision to spin off our healthcare business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities,” 3M chairman and chief executive officer Mike Roman said in a statement.