Envision Pharmaceutical Holdings, which is owned by TPG, said Tuesday that it has bought Laker Software. No financial terms were disclosed. Laker’s founders CEO Jack Guggisberg, President Aaron Guggisberg and Chief Information Officer Jon Filter will all remain in place and continue to lead the firm. Based in Lakeville, Minnesota, Laker is a provider of claims processing systems and support services for prescription drug benefit programs.
Twinsburg, OH – December 3, 2013 – Envision Pharmaceutical Holdings, LLC, the parent company of Envision Pharmaceutical Services (EnvisionRxOptions), a national, full-service pharmacy benefit management (PBM) company, today announced that it has acquired Laker Software, Inc. Terms of the transaction were not disclosed.
Founded in 2000 by experienced pharmacy claims industry executives, Laker’s pharmacy claims adjudication system is utilized by a diverse group of clients. In addition to its modular and scalable claims adjudication system, Laker also provides a number of ancillary tools for the pharmacy claims industry, including call center modules, accounts receivable software, eligibility maintenance tools, member and client web portals, automated prior authorization, web based document archiving, Medicare Part D tools and others.
Laker will continue to be managed and operated as an independent company by Laker’s founders, CEO Jack Guggisberg, President Aaron Guggisberg, and Chief Information Officer Jon Filter. The founders reinvested in the new company controlled by TPG, the global private investment firm. TPG acquired Envision in November 2013.
“With TPG’s financial support and industry relationships, we look forward to continuing to invest in technology development as we expand Laker’s client base” said Aaron Guggisberg.
“Laker’s scalable and modular technology provides the industry with an independent alternative for claims adjudication” said Jeff Rhodes, principal at TPG. “We look forward to working with the Laker team in order to bring new technology to the market and provide new services to the pharmacy claims industry.”
About Laker Software
Laker Software provides claims processing systems and support services for prescription drug benefit programs. Laker was founded in 2000 by experienced pharmacy claims industry executives with a simple idea: take advantage of the latest technologies, build a modular and scalable system, and partner with customers to provide the flexibility and reliability necessary to help them win in every segment of the PBM market. For more information on Laker, please visit http://www.lakersoftware.com.
About Envision Pharmaceutical Services
Established in 2001, Envision Pharmaceutical Services (EnvisionRxOptions) is a national, full-service pharmacy benefit management (PBM) company. The company is part of a group of healthcare management companies owned and operated by Envision Pharmaceutical Holdings, Inc. (EPH), a privately held company with consolidated revenues in excess of $3.5 billion. EPH subsidiaries include Envision Insurance Company, a fully insured provider of Medicare Part D Plans nationally, Envision Medical Solutions, Inc., an administrator of prescription savings plans and Prescription Savings Cards, Orchard Pharmaceutical Services, Inc., a full-service mail-order and specialty drug pharmacy, and Design Rx, the market leader in pharmacy services for infertility and fertility. Envision Pharmaceutical Services, Inc., which was founded on a commitment to provide full transparency and disclosure in the PBM marketplace, employs a transparent, pass-through business model in which 100% of earned rebates, discounts, and incentives are instantly credited at the point of sale to customers, and for which Envision charges a low, flat monthly management fee for most services. This translates into significant savings for the company’s more than 13 million covered individuals. The Company has been awarded the Utilization Review Accreditation Commission (URAC) accreditations for PBM and Drug Therapy Management annually since 2007. Envision is headquartered in Twinsburg, OH, with offices in Fort Lauderdale, FL; Tampa, FL; Canton, OH; El Dorado Hills, CA; and Ogden, UT. For more information about Envision visit www.envisionrx.com or call 800-361-4542.
TPG is a leading global private investment firm founded in 1992 with $55.3 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s well-known investments in the healthcare sector include Aptalis Pharma, Biomet, Fenwal, Healthscope, IASIS Healthcare, Immucor, IMS Health, Oxford Health Plans, Par Pharmaceutical, Quintiles Transnational and Surgical Care Affiliates, among others. For more information visit www.tpg.com.