SecureKloud arm Healthcare Triangle lists on Nasdaq

After a successful IPO earlier this week, Chennai-registered and Silicon Valley-based cloud computing player SecureKloud Technologies on Wednesday listed its step-down subsidiary Healthcare Triangle Inc on New York-based stock exchange Nasdaq.Shares of the parent SecureKloud have been trading both on the BSE and the NSE for a long but the Nasdaq listing is a milestone for the firm which was launched only in 2019.

After a successful IPO earlier this week, Chennai-registered and Silicon Valley-based cloud computing player SecureKloud Technologies on Wednesday listed its step-down subsidiary Healthcare Triangle Inc on New York-based stock exchange Nasdaq.

Shares of the parent SecureKloud have been trading both on the BSE and the NSE for a long but the Nasdaq listing is a milestone for the firm which was launched only in 2019. SecureKloud closed the day 1.3 per cent down on the BSE at Rs 216.45, while the benchmark Sensex rallied 453 points to scale a new high.

SecureKloud launched Healthcare Triangle in 2019 with the headquarters at Pleasanton in California to focus on only the healthcare and life sciences industry. Now, the firm also provides solutions in cloud services, data science, and professional and managed services for the healthcare and life sciences industry.

At New York time 8 am on Wednesday, Healthcare Triangle made a debut for trade after a successful initial public offering (IPO) that was oversubscribed.

Thyagarajan R, chief financial officer of SecureKloud and Healthcare Triangle, told PTI that the market debut on the world's largest tech-focused bourse, Nasdaq, will enhance visibility and credibility among institutions, clients, and the investing public as the company evolves and develops.

Suresh Venkatachari, chairman and chief executive officer of SecureKloud and Healthcare Triangle, said Healthcare Triangle has raised USD 15 million through the IPO including an over-allotment of USD 2 million earlier this week.

The IPO proceeds will be used for potential acquisitions, working capital, research & development, and general corporate investments, Venkatachari said.

Quoting industry reports, he said the healthcare cloud space is an addressable market of USD 300 billion. According to a Bloomberg business report, the global market for healthcare data science and analytics marker will be USD 40 billion by 2025 with, annually clipping at 23.5 per cent.

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