K1 Investment Management, LLC, a leading investment firm focusing on high-growth enterprise software companies globally, has purchased Digital Pharmacist Inc. for $100 million.
Digital Pharmacist provides HIPAA-compliant web, text, mobile and voice applications for pharmacies to automate refill requests and reminders, and to automate communication with patients. Over 7,500 pharmacies currently use the platform.
With the investment from K1, Digital Pharmacist will scale its operations to meet the increasing demand for its platform. It will develop new products to further enhance the patient-pharmacist experience. Digital Pharmacist’s management team and employees will continue to operate the company.
Digital platforms aimed at pharmacies seem to be driving acquisitions lately in March, especially regarding medication management. Just last week, Tabula Rasa HealthCare’s (NASDAQ: TRHC) deal for PrescribeWellness was based on the same idea: build a platform that can aid pharmacies in communicating with patients mitigating medication risks.
And don’t forget PointClickCare Technologies Inc.’s purchase of QuickMAR for an undisclosed amount. The target company offers medication management software solutions for the long-term post-acute care market including pharmacies, senior living facilities, behavioral health providers and more. This acquisition strengthens PointClickCare’s medication management platform for the long-term care industry.