Imprivata, a publicly owned vendor of user and patient authentication, enterprise single sign-on and secure messaging software for the healthcare industry, is becoming a privately held company, with investment firm Thoma Bravo buying the company for about $554 million.

That’s a hefty multiple for a company that in the first quarter of 2016 had revenue of $31.5 million and a net loss of $6.7 million; overall, Thoma Bravo is paying nearly four times projected annual revenue for Imprivata.

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