Oregon is more than that little bastion of ‘Portlandia’ jokes sandwiched in between Seattle and Silicon Valley — they have tech, too. And this week Hillsboro-based Kryptiq, an electronic medical records company, announced that it has been sold to Virginia-based Surescripts.
As Oregonlive.com reports, Surescripts already owned a small stake in Kryptiq (acquired in 2010), and the sale makes a lot of sense as Kyrptiq enhances communication among doctors and health care providers, while Surescript delivers prescriptions electronically to pharmacists, a reported 4 billion transactions per year.
Kryptiq’s founder and CEO Luis Machuca said that his company will stay based in Hillsboro and keep its 125 employees, telling Oregonlive that the move was made because “it gives Kryptiq a large backer with the resources to tackle major issues in health care technology.”
Terms of the deal were not disclosed, but it does cash out Kryptiq shareholders, including Voyager Capital, which owned about 20 percent of the company and was one of the original investors.
In 2006, the company raised $21 million in three rounds of $7 million each. Founded in 2002, Kryptiq anticipates that its 2012 revenue will be approximately $25 million.