Healthcare Technology Featured Article

October 10, 2014

Exostar Attracts $5M Investment for Expansion of Cloud-based Identity Hub

As cloud-based solutions become more common in the healthcare industry, the need for secure, compliant connections is increasing. To meet this need, Exostar has developed a cloud-based authentication identity hub—called Secure Access Manager (SAM)—specially developed for the requirements of the healthcare industry.

The company recently announced it has attracted a $5 million investment from Merck Global Health Innovation Fund. The cash infusion will help Exostar expand its reach in the healthcare market as well as extend its product services into related markets.

 “Exostar has successfully expanded from its Aerospace& Defense heritage into other vertical markets that have similar requirements for secure collaboration, complex supply chain needs or identity management to support their core business processes,” said Richard Addi, Exostar’s CEO.

Some common cloud-based healthcare applications include electronic prescriptions, Health Information Exchange (HIE) and clinical collaboration.

“Cloud services have been long praised as a tool to reduce operating expenses for healthcare organizations,” said Lorren Pettit, Vice President of Market Research for HIMSS Analytics.

Cloud computing has been widely adopted among healthcare organizations in the United States. A recent study found 80 percent of the 150 respondents reporting they currently use cloud services, according to the 2014 HIMSS Analytics Cloud Survey.

“Our solution is an ideal fit for the healthcare and life science community that needs to set up connections with partners and their applications quickly and securely. Exostar helps its customers connect with thousands of partners in their ecosystem without compromising network security or intellectual property,” Addi said.

Merck Global Health Innovation Fund typically invests in emerging companies working on health care solutions that advance Merck's mission to discover, develop and provide innovative products and services that save and improve lives, according to the organization.

“Exostar’s secure cloud-based access and existing user base delivers a strong complement to the current and future needs of the data-driven healthcare industry,” said Joe Volpe of Merck Global Health Innovation Fund. 

Edited by Alisen Downey
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