Imprivata

Imprivata's IPO plans are no big secret

February 5, 2014: 2:11 PM ET

Health care IT company files confidentially for its IPO. And then tells everyone about it.

Imprivata_ApplianceFORTUNE -- Lots of VC-backed companies are filing confidentially to go public, thanks to a provision in the 2012 JOBS Act. But not too many of them are announcing it because, well, it's confidential.

But such conventions do not seem to apply at Imprivata, a Lexington, Mass.-based provider of access and authentication management solutions for the healthcare industry. On Monday the company sent out a short press release about its confidential IPO filing, adding that  the "offering is expected to commence after the SEC completes the review process of its draft registration statement."

Unfortunately, it seems that Imprivata's transparency goes so far. So let me fill in a few of the blanks, provided by a source familiar with the company: Imprivata generated around $50 million in revenue through the first three quarters of 2013, compared to around $55 million for full-year 2012. It last raised VC funding in 2008 at a $100 million valuation, in a round led by SAP Ventures. Other shareholders include General Catalyst, Highland Capital Partners and Polaris Partners.

Still working on the other pertinent info, including proposed offering size and banks...

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