Tuesday, May 9th 2006
Ariba Founder to Join Kryptiq Advisory Team
Keith Krach Joins Kryptiq to Provide Corporate Growth Guidance
PORTLAND, Or. – May 9, 2006 – Kryptiq Corporation, the leading provider of interoperability and workflow connectivity solutions for healthcare, announced today that Keith Krach, founder of Ariba, Inc., has joined the organization as an Advisor to Kryptiq Corporation. In this role, Mr. Krach will consult with and advise Kryptiq’s executive management team on all aspects of the company’s business, including product development, technological trends and sales strategy.
As the chairman and CEO of Ariba, Inc., Keith Krach grew the organization from a start-up to annual revenues in excess of $500 million, making Ariba one of the fastest growing software companies in history. In 2000, he was honored at the World Economic Forum, where Ariba was presented with the Technology Pioneer Award. Additionally in 2000, Ernst & Young named Mr. Krach “National Entrepreneur of the Year,” in recognition of his accomplishment in eBusiness. After earning his BS degree in industrial engineering from Purdue University and an MBA from Harvard University, Mr. Krach spent 10 years with General Motors and became General Motors' youngest-ever vice president. Mr. Krach is currently the president of 3points, LLC, an investment holding company.
“The discrepancy between the continually rising costs and mediocre results of the US healthcare system shows that a tremendous amount of value remains trapped in the healthcare value chain – either in paper-based systems or in silos of automation,” says Mr. Krach. “In the disruptive world of HSAs, pay-for-performance and consumer-driven decision making, Kryptiq is well positioned to re-connect the value chain for health plans and providers alike. There are tremendous parallels between the purchasing process in healthcare today and the procurement industry that Ariba entered a decade ago. Kryptiq has the technology and vision to be the market leader.”
“Keith’s extensive experience with technological innovation and value chain management will be a tremendous asset to our company and our customers,” said Luis Machuca, CEO and president of Kryptiq Corporation. “His perspective on emerging technology marketplaces and his ability to identify key business opportunities will be welcomed by everyone in the Kryptiq community.”
About Kryptiq Corporation
Kryptiq is the leading provider of interoperability and workflow connectivity solutions for healthcare. Kryptiq streamlines healthcare communications among patients, providers, pharmacies and payers with secure messaging, electronic prescribing, disease management and contract management technologies. By integrating these solutions with existing systems and applications, Kryptiq enables the trusted transport of health information where and when it is needed. Kryptiq’s fast-growing customer base includes many of North America’s top 100 integrated health networks, spans 48 states plus Washington, D.C. and includes well-known providers and payers such as Providence Health System, Capital Region Healthcare, MeritCare Health System, Eastern Maine Healthcare, BlueCross and BlueShield of Minnesota and Northwest Permanente. For more information on the company, visit www.kryptiq.com.
