Strategic Move Strengthens Clearwater's Position as Healthcare's Leading Cybersecurity and Compliance Solutions Provider with Additional Managed Security Services and Compliance Services
NASHVILLE, Tenn. and TROY, Mich., July 26, 2022 /PRNewswire-PRWeb/ -- Clearwater, the healthcare industry's top-ranked Security Advisors and Consultants and Compliance and Risk Management Solution provider, announced today that it has completed the acquisition of TECH LOCK, a leading provider of security management, threat detection, incident response, and compliance services. TECH LOCK operated as a subsidiary of RevSpring, a market leader in patient engagement and payment solutions. Terms of the transaction were not disclosed.
Built to scale for organizations of all sizes, TECH LOCK's Managed Detection and Response (MDR) service uses a proprietary security orchestration and response (SOAR) engine that pulls together in seconds threat insight and provides quick access to multiple signals for an immediate and effective security response. Security operations center (SOC) analysts actively watch and hunt every event and threat signal. They have extended detection and response with immediate contextual data to neutralize threats based on severity and risk.
As healthcare organizations grapple with a rapidly evolving threat landscape, TECH LOCK's proven security services that bundle 24/7 SOC, MDR services, along with other foundational security options, will provide Clearwater's customers with valuable capabilities, delivered directly by Clearwater. These capabilities include preventing ransomware threats in real-time and blocking events, even on compromised or infected devices if needed. Services from TECH LOCK leverage cloud delivery and infrastructure, removing heavy on-site requirements and allowing for the security of hybrid environments and everything from workstations and servers, current and legacy operating systems, POS systems, and manufacturing operational technology.
In addition, TECH LOCK brings strength across several areas of compliance that complement Clearwater's deep HIPAA expertise. TECH LOCK's compliance services are led by industry-certified assessors able to provide HITRUST certifications, PCI audits, and CMMC assessments. They bring cost-effective value to clients with integrated and bundled assessments across multiple standards and offer compliance maintenance and validation to ensure that assessments run smoothly and that clients stay up-to-date with new requirements.
"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," said Clearwater CEO Steve Cagle. "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. With these capabilities, Clearwater continues to be a partner that can address our customers' growing list of cybersecurity and compliance needs. We will continue to innovate and deliver value-added solutions that enable our customers to succeed in building and executing strong cybersecurity, risk management, and compliance programs."
TECH LOCK will operate as a new Clearwater subsidiary and continue serving customers in Healthcare, as well as Account Receivables Management, Financial Services, Hospitality, Insurance, and Manufacturing. TECH LOCK CEO Brian McManamon will serve as business unit leader, reporting to Mr. Cagle. TECH LOCK'S Chief Information Officer Steve Meyer and Chief Security Officer & Chief Technology Officer Steve Akers also will continue in senior roles within the new organization operating under the Clearwater umbrella.
"We are incredibly excited to join the Clearwater family," McManamon said. "TECH LOCK and Clearwater share the goal of making accessible services that ease compliance challenges, enhance cybersecurity protection, and help address the growing problem of advanced threats. There is a tremendous opportunity to build on this foundation as one organization moving forward."
ArentFox Schiff LLP served as legal counsel to Clearwater in the transaction. Waller Lansden Dortch & Davis, LLP served as legal counsel to RevSpring and TECH LOCK in the transaction.
About Clearwater
Clearwater is the leading provider of cybersecurity, risk management, and HIPAA compliance software, consulting, and managed services for the healthcare industry. Our solutions enable organizations to avoid preventable breaches, protect patients and their data, meet regulatory requirements, and optimize cybersecurity investments. More than 400 healthcare organizations, including 70 of the nation's largest health systems and a large universe of physician groups and digital health companies, trust Clearwater to meet their cybersecurity and compliance needs. For more information about Clearwater, please visit http://www.clearwatercompliance.com.
About TECH LOCK
TECH LOCK enables organizations to respond to today's modern cybersecurity and compliance challenges. Our focus is on delivering cohesive managed security and compliance services. We provide industry-leading technology, security operations, and threat response. Our clients receive premium threat detection, security management, and compliance maintenance with personalized support. TECH LOCK is uniquely qualified to perform PCI QSA/ASV, HITRUST, and CMMC assessments. To learn more, please visit http://www.techlockinc.com.
About RevSpring
RevSpring leads the market in patient engagement and payment solutions that inspire patients to participate in and pay for their healthcare. The company has built the industry's most comprehensive and impactful suite of patient engagement, OmniChannel communications and payment solutions backed by behavior analysis, propensity-to-pay scoring, contextual messaging, and user experience best practices. Using proprietary data analytics to tailor the engagement from preservice to post-service, RevSpring improves the patient experience and outcomes for providers and their patients. To learn more, visit http://revspringinc.com/healthcare.
Media Contact
John Howlett, Clearwater, 773.636.6449, [email protected]
SOURCE Clearwater
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