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Financial Services and Healthcare Software Entrepreneur Ray Croghan Joins encryptX Board of Director
encryptX Corporation, producer of secure content sharing and information rights management software solutions, announced that Raymond Croghan has joined the Board of Directors after completing a significant investment in the Company. Croghan’s investment will enable encryptX to complete product integration, fund expanded marketing and sales efforts and pursue additional capital. Additionally he contributes a broad network of contacts in the financial services industry, key target markets for encryptX products.
The Board’s addition of Mr. Croghan, a successful business leader and investor, compliments encryptX’s recent announcement of David Hunter as Chairman and CEO. Both Croghan and Hunter lend extensive experience in software product development, capital formation, corporate strategy and organizational development to the company’s leadership team.
Mr. Croghan is currently the Managing Partner of Croghan & Associates, LLC, an investment and consulting firm located in Longmont, Colorado. He also serves on the Board of Directors of several software companies. In 1988, Croghan assumed the role of President of Applied Communications Inc. (ACI). During his tenure, ACI grew to become the leading supplier of on-line Electronic Funds Transfer (EFT) software, capturing over 50% market share among financial institutions. Mr. Croghan later oversaw the purchase of ACI by Tandem Computers in 1991 before launching Croghan & Associates, Inc. In late 1993 he negotiated the purchase of Croghan & Associates by BANC ONE CORPORATION. In 1995, the new company, System One, acquired the Health Care Processing System (HPS) division of DHI Computing Service, Inc., based in Provo, Utah. In late 1996, Mr. Croghan directed the management-led buyout of System One from BANC ONE CORPORATION.
In early 1997, System One merged with Margolis Health Enterprises to form The TriZetto GroupSM, a company that provides outsourced information services for the healthcare industry. The TriZetto GroupSM completed a successful Initial Public Offering in October, 1999. Although he is no longer involved in the daily operations of the company, Mr. Croghan continues to be a significant shareholder of The TriZetto GroupSM.
“We are pleased that Ray has chosen to back the encryptX product strategy and management team,” said Hunter. “As an entrepreneur with decades of experience developing thriving technologies and companies, Ray’s confidence in the success of encryptX, as evidenced by his contributions of both capital investment and business acumen, reaffirms the soundness of encryptX’s strategic vision and our ability to execute to plan.”
About encryptX
encryptX Corporation develops and markets information rights management (IRM) software that protects sensitive information stored on file servers, PCs and storage media, and when shared through email and other forms of digital information sharing, with persistent controls. The company’s unique security solution reconciles the need to fulfill regulatory compliance and safeguard intellectual property with the need to share and collaborate on business critical data.
Founded in 1999 by executives with significant experience in data security and data storage, including the US National Security Agency and Storage Technology Corporation, encryptX now has more than 20,000 users of its software worldwide. A Microsoft Certified Partner, and an IBM Business Partner, encryptX is a privately held company headquartered in Boulder, Colorado. For more information please visit http://www.encryptx.com. 05.04.2004, encryptX Corporation
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