Ohio-based CoverMyMeds, a healthcare tech firm, has received an undisclosed investment from Francisco Partners. First Analysis provided financial advice to CoverMyMeds on the transaction.
CHICAGO – November 11, 2014 – First Analysis Securities Corporation (“First Analysis”) acted as the exclusive financial advisor to CoverMyMeds LLC in its minority investment transaction with Francisco Partners, one of the country’s pre-eminent technology investors. CoverMyMeds, with offices in Columbus and Twinsburg, OH, is a leading healthcare technology company providing cloud-based software that automates the medication benefit process to reduce administrative waste while maximizing patient outcomes. The Company is a leader in the industry, providing healthcare IT solutions for more than 360 EHR systems, 45,000 pharmacy locations, and payers that represent 72% of U.S. prescription volume. More than 260,000 prescribers use CoverMyMeds’ free software platform to ensure patients receive the medication they need to lead healthier lives.
First Analysis worked closely with the Company’s management team throughout the process.
“First Analysis’ Healthcare IT banking experience, extensive relationships and seasoned team were instrumental as we prepared for and negotiated our way through the process,” said Ted Frank, CFO of CoverMyMeds. “The team went above and beyond to deeply understand our complex network-effect business, enabling First Analysis to partner with CoverMyMeds in a way that many banks promise, but few deliver. The result is an exceptional transaction with Francisco Partners, a firm that delivers as much in strategic value as it does in capital. Our goal is to create one of the strongest healthcare IT companies in business, and we look forward to working with Francisco Partners as we continue to positively impact care for millions of patients.”
CoverMyMeds is a leader in the medication benefit process and one of the fastest growing healthcare information technology companies in the US. We help physicians, pharmacists, and their staff complete medication approval requests for any drug and all plans. The Company’s technology integrates with payers, EHRs and pharmacy systems to create an efficient electronic process for all participants. For more information, visit www.covermymeds.com.
About First Analysis
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