Healthcare Triangle, Inc. Releases Shareholder Update

Rhea-AI Summary

Healthcare Triangle Inc. (HCTI) reports significant progress since its IPO in October 2021, achieving Premier Partner status with Amazon Web Services and Google Cloud. The company aims to be among the top 10 US healthcare IT providers by 2025, backed by a strategic acquisition of DevCool Inc., which generated $20 million in revenue in 2020. HCTI focuses on cloud and data services, leveraging platforms like CloudEz and DataEz to enhance operational efficiencies for healthcare organizations. The pandemic has accelerated digital transformations, positioning HCTI for future growth amidst a projected $474 billion global cloud revenue.

Positive

• Achieved Premier Partner status with Amazon Web Services and Google Cloud.
• Acquired DevCool Inc., enhancing revenue potential and service offerings with $20 million in revenues.
• Strong focus on accelerating cloud technology adoption in the healthcare sector.

Negative

• None.

Highlights Market Opportunity and Recent Accretive Acquisition

Awarded Top 100 Premier Partner Status at Amazon World Services & Premier Partner Status at Google Cloud

PLEASANTON, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle Inc., (Nasdaq: HCTI) (“HCTI” or the "Company") a leading provider of cloud and data transformation platform and solutions for healthcare and life sciences, today released a shareholder update:

Dear Shareholders:

Thank you for your continued commitment and investment in Healthcare Triangle, Inc . Our progress over the past year would not have been possible without your trust and belief in our mission. This is our first shareholder update since our Oct 2021 IPO and it has been a momentous journey and unique in every sense. We work alongside our customers and partners to help them build their own digital capability, creating new businesses, and earn their trust. I am very proud of how we are are using our platforms to help organizations innovate and deliver technology initiatives on the Cloud.

Your Company
Healthcare Triangle (“HCTI”) is a healthcare IT provider that delivers personalized healthcare, accelerates drug research, and supports digital transformation through proprietary technology platforms. HCTI is a well-recognized provider of cloud infrastructure migration, AI, data analytics, security & compliance and cloud managed services to Healthcare and Life Sciences customers. Our multi-cloud technology transformation platform CloudEz, data analytics platform DataEz, AI based platform Readabl.AI, and our Cloud EHR Managed Services have been at the forefront of our customer service offering and are leading to deeper partnerships, larger and multiyear cloud engagements. HCTI was recognized as one of the top 100 premier partners of Amazon Web Services, which is a Global community comprising of over 100,000 partners. The company also achieved Premier Partner status with Google Cloud in 2021.   

Fiscal Year 2021 was a pivotal year for HCTI. We are focused on becoming one of the top 10 US healthcare IT providers by revenue by 2025. This impacts how we run the company, what investments we commit towards this vision and how we take our platform and services to the market. We recently hired a CRO with strong experience in the Healthcare and Life Sciences market to help us achieve this goal by building a world class sales team.

Strategic acquisition – DevCool Inc

We firmly believe that an expedited way to drive revenue and expand our offerings is by acquiring profitable strategic assets. We recently announced the acquisition of DevCool Inc, an EPIC EHR Implementation and Managed Services company servicing 6 of the top 10 hospitals in the USA. DevCool also specializes in providing healthcare IT services to cancer research hospitals and university medical centres. DevCool generated approximately $20 million in revenues in fiscal year 2020 and has generated consistent top line growth over the past 4-6 quarters and is expected to be EBITDA accretive to HCTI. The combined entity will focus on accelerating healthcare providers’ adoption of cloud technologies to improve clinical, operational, and financial performance. The acquisition also opens opportunities to upsell our SaaS Platforms like CloudEz, DataEz, and Readabl.AI to DevCool’s existing client base.

Cloud Solutions to drive IT growth

For all the disruption that the pandemic has imposed on our lives and our communities, it has also been the catalyst for an unprecedented digital transformation and in the process has created new opportunities for our customers and for HCTI. As an increasing number of enterprises scale digital transformations, cloud solutions will continue to drive growth for information technology services. According to Gartner research in 2022, global cloud revenue is estimated to total $474 billion, up from $408 billion in 2021. It is estimated that in the next few years, cloud services revenues will surpass on-prem IT services revenues.

Real-world data analytics

Enterprises are seeking tie-ups with healthcare associations to access patient data from their registries. For example, companies need patient data from unstructured clinical notes taken from electronic health records (EHRs) to advance their medical research. Our DataEz platform with digital and advanced analytics capabilities can assist large pharma organizations understand how patient characteristics and behaviors affect health outcomes, predict the progression of a disease, patient’s responses to therapy, or the risk of adverse events. Drug makers are increasingly leaning on real-world data to create innovative treatment. HCTI’s DataEz can also help companies take an already approved drug, apply it to new use cases while increasing the efficiency of R&D investments and accelerating time to market.

Covid-19 update

COVID-19 crisis taught us the importance of technology and enabling Cloud computing to our customers. Customers around the world have leveraged the cloud to scale up services and stand-up responses during the pandemic. We want you to know we take this opportunity seriously, and we’re proud of the work our teams are doing to help customers through this difficult time. Under very trying circumstances, we fulfilled many important objectives over the past year. With so many families and companies struggling with the effects of the pandemic, I want to acknowledge the resilience of our staff and their dedication to our mission to serve our customers. We were strong heading into the pandemic and, with the opportunities it created, we expect to emerge from it even stronger.

Moving forward
With the decisions we’ve made this year, the strategy we’ve implemented, the organization design we have created and the platform and services offerings, we are well-positioned to deliver consistent and profitable growth long into the future. I am confident our best days are still ahead.

Suresh Venkatachari
Chairman & CEO

Forward-Looking Statements

This document may include ''forward-looking statements.'' To the extent that the information presented in this document discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as ''should,'' ''may,'' ''intends,'' ''anticipates,'' ''believes,'' ''estimates,'' ''projects,'' ''forecasts,'' ''expects,'' ''plans,'' “goals” and ''proposes.'' Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and HCTI does not undertake any duty to update any forward-looking statements except as may be required by law.

Investor Relations Contact

TraDigital IR
John McNamara
Email: john@tradigitalir.com 
Phone: (917) 658-2602

FAQ

What recent achievements has Healthcare Triangle (HCTI) made with cloud partners?

Healthcare Triangle (HCTI) has achieved Premier Partner status with both Amazon Web Services and Google Cloud, marking significant milestones in its partnership strategy.

What was the revenue generated by DevCool Inc. before its acquisition by HCTI?

DevCool Inc. generated approximately $20 million in revenue in fiscal year 2020 prior to its acquisition by Healthcare Triangle (HCTI).

What is Healthcare Triangle's goal for 2025?

Healthcare Triangle (HCTI) aims to be among the top 10 US healthcare IT providers by revenue by the year 2025.

How has the pandemic affected Healthcare Triangle's business?

The pandemic has accelerated the digital transformation in healthcare, providing new growth opportunities for Healthcare Triangle (HCTI) as organizations increasingly adopt cloud solutions.

How does HCTI plan to enhance its service offerings post-acquisition?

Post-acquisition, HCTI plans to leverage DevCool's existing customer base to upsell its SaaS platforms like CloudEz, DataEz, and Readabl.AI, thereby expanding its service offerings.