TORONTO, March 20, 2018 (GLOBE NEWSWIRE) -- 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."
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".
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