Exostar Receives Additional $10 Million Investment from Merck Global Health Innovation Fund
HERNDON, Va.--(BUSINESS WIRE)--Exostar, whose cloud-based solutions help companies in aerospace and defense, life sciences, and healthcare mitigate risk and solve their identity and access challenges, today announced an additional $10 million investment in its life science and healthcare business from the Merck Global Health Innovation Fund (Merck GHI). Merck GHI has $500 million under management and provides growth capital to emerging healthcare technology companies worldwide.
Merck GHI’s investment will allow Exostar to enhance and expand its HIPAA-compliant solutions that help pharmaceutical companies, healthcare providers, and others in the industry securely, productively, and compliantly collaborate with one another to develop new drugs and therapies and deliver the best possible patient care. Exostar’s innovative information security solutions – such as the cloud-based Secure Access Manager (SAM) for federated identity and access management with web-based single sign-on – protect sensitive data and intellectual property while promoting the ongoing migration to partner-centric research and development and digital health.
The latest round of funding follows a $5 million investment by Merck GHI in October 2014. Over the past year, Exostar’s life science and healthcare community has grown to over 1000 global organizations who rely on SAM to securely access applications, exchange information, and conduct business. The company also launched its ProviderPass solution that supports leading health IT vendors and healthcare providers with compliant electronic prescribing of controlled substances.
“We believe that data will be the currency in healthcare and serves as the foundation for innovation,” said Richard Addi, Exostar’s President and CEO. “We also understand that data compromise can render that currency worthless, or worse. Life science and healthcare companies need a partner whose information security innovations and solutions not only protect scientific advances and patient information, but also enable organizations to accelerate how they do business. Exostar is that partner, and we are pleased Merck GHI has chosen once again to support us.”
Exostar’s cloud-based solutions help companies in highly-regulated industries mitigate risk and solve identity and access challenges. Nearly 125,000 organizations leverage Exostar to help them collaborate securely, efficiently, and compliantly with their partners and suppliers. By offering connect-once, single sign-on access, Exostar strengthens security, reduces expenditures, and raises productivity so customers can better meet contractual, regulatory, and time-to-market objectives. www.exostar.com.
October 27, 2015