B Sharp Sri Lankan Subsidiary in Process of Being Renamed VitalHub (Pvt) Ltd.
March 20 2018 - 7:30AM
VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) is pleased
to announce subsidiary company B Sharp’s Sri Lankan development arm
"B Sharp Lanka" is in the process of renaming itself “VitalHub
(Pvt) Ltd.” This change in name reflects a shift toward developing
and servicing the entire group of VitalHub companies and product
offering, beyond the B Sharp product sets.
B Sharp Lanka was established in 2008 by Vijit Coomara, who was
Co-Founder and CTO of B Sharp Technologies, and is currently
VitalHub’s EVP of Technology. B Sharp Lanka is an established group
of 30 professional IT software developers, highly experienced in
the development of large electronic health record systems and
solutions serving the mental health sector. B Sharp Lanka has
worked closely and cohesively with B Sharp since its inception, and
will be valuable to VitalHub’s M&A and Blockchain
strategies.
The available expertise and skill of Sri Lanka’s development
sectors is globally recognized, and is a driving factor behind the
sector’s strong continued growth. “Sri Lanka's information
technology and business process outsourcing sector tripled exports
and doubled the workforce in a little over five years. According to
the Sri Lanka Association of Software and Services Companies
(“SLASSCOM”), export revenues grew to an estimated $858 million in
2016. The sector grew by 120 percent over the past five years
making it one of the highest growth areas in the economy and is the
fifth largest export segment.” (From Export.gov, 8/9/17) VitalHub
intends on continuing to support this growth, as it takes advantage
of established, highly-skilled development resources at meaningful
cost-savings.
VitalHub’s offshore development hub holds significant strategic
value, enabling cost-effective development that is essential to
VitalHub’s overall M&A integration strategy. Additionally, as
VitalHub builds on the strength of its WellLinc blockchain product
offering, the Company intends to form a healthcare
blockchain-centric development group as a part of its Sri Lankan
division. This will allow the Company to jointly develop and market
Blockchain solutions in partnership with VitalHub’s established
Blockchain development team. This will allow the Company to greatly
save on the considerable costs associated with Blockchain
development.
“Since 2008, we have built a strong foundation in
healthcare-centric domain expertise, and we believe we are
positioned and ready to grow to the next level,” said Dilan
Rajapakse, General Manager of B Sharp Lanka. "The technology sector
is a key ingredient in Sri Lanka’s economic growth strategy. We are
excited to continue working with VitalHub, as we see the
opportunity to grow our footprint in the Sri Lankan marketplace,
and continue to expand our influence and excellence globally."
"A key ingredient of the B Sharp acquisition was the obtainment
of a high-experienced and established healthcare-centric,
cost-effective development team,” said Dan Matlow, CEO of VitalHub.
“This is an extremely important component in both our M&A
strategy, as well as our growth Blockchain strategy. We are very
impressed as to the quality of work our Sri Lankan division
produces, and look forward to their expansion in the future."
ABOUT VITALHUB:
VitalHub uses web, mobile, and Blockchain technology to create
disruptive SaaS-based healthcare applications that solve
industry-wide problems. VitalHub's aim is to create high-value,
secured solutions that enable broad interoperability among existing
health data systems. VitalHub is primarily focused on working with
organizations in the Mental Health and Long-Term Care space, to
further extend organization's applications across the continuum of
care, powered by the security, efficiency, and trust of Blockchain
technology.
The Company has a robust two-pronged growth strategy, targeting
organic growth opportunities within its product suite, and pursuing
an aggressive M&A plan. Currently, VitalHub serves 200+ clients
across North America. VitalHub is based in Toronto, Canada, with an
offshore development hub in Sri Lanka. The Company is publicly
traded on the TSX Venture Exchange under the symbol "VHI".
CAUTIONARY STATEMENT
The TSX Venture Exchange has in no way passed upon the merits of
the transactions and has neither approved nor disapproved the
contents of this press release. Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this press release.
CONTACT INFORMATION
Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
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