Box Acquires Medical Imaging Startup MedXT

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Box announces that it will acquire MedXT, a file-sharing platform designed specifically for sharing medical images between clinicians. The acquisition supports Box’s larger effort to attract enterprise customers by rolling out industry specific functionality sets. The acquisition of MedXT helps Box push deeper into the healthcare space, which has been a high priority for the company since its launch of Box for Healthcare, a HIPAA-compliant extension of its file sharing platform that Box will market as a solution to healthcare’s interoperability issues.

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MedXT brings some interesting functionality to Box that will certainly help it differentiate itself from other file sharing platforms. The company has essentially developed a vendor agnostic PACS web-viewer that renders DICOM images in an annotatable viewer. The files are diagnostic quality as long as they are viewed on a monitor with appropriate resolution levels. MedXT also supports standard bi0directional HL7 interfacing, and while the company’s website and press release are short on details around this, it would suggest that MedXT may be able to connect directly with RIS and EHR systems to exchange images, which would make the proposed workflow much more palatable to otherwise busy clinicians.

MedXT’s staff will join Box, first working to integrate the two platforms, and then going on to work in Box’s healthcare unit where they will join a larger team focused on bringing additional healthcare-specific file sharing features to fruition.

Box itself is at a turning point in its corporate history. Founded in 2006, the company has raised over $500 million in VC funding since its launch and is now eyeing what many see as an inevitable IPO. The company filed its S-1 form, declaring its intentions to go public, on March 24 but has yet to pull the trigger. Potential investors are skeptical of Box’s ability to grow due to unfavorable financial performances through 2013 and 2014. The company reported $124 million in earned revenue in 2013, but closed the year with an overall net loss of $168 million. 2014 has been a better year for Box, but the company is still running up massive losses. Since filing its S-1, the company has raised an additional $150 million in VC funding.

With a questionable IPO in its future, and pressure to deliver on its enterprise file sharing strategy, MedXT seems to be a good fit for the company that should deliver tangible benefits at a time that the company could use just that.


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