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PipelineRx Successfully Acquires Evolute Consolidated Holdings
PipelineRx recently announced that it has successfully completed the acquisition of Evolute Consolidated Holdings, which is an IT integration services portfolio company of Aequitas Capital. As a premier telepharmacy services company, PipelineRx provides robust clinical pharmacy coverage which enables its hospital clients to easily expand their clinical pharmacy operations, enhance patient care and medication, and improve their economic performance.
In a statement, Bruce Keller, CEO of PipelineRx, said that, "Hospitals are facing an increasing complex set of dynamics centered upon enabling cost-effective interoperability inside their own organizations and also meeting the increasingly difficult mandates of achieving meaningful use in an emerging Accountable Care environment. To better serve our clients, we quickly realized that simply adding more clinical telepharmacists was only one way to achieve scale. Rather, the long-term investment is to improve the tools and processes to enable our clinical staff to become more efficient and allow them to focus on our core value proposition – improving patient care. Evolute's IT connectivity solutions and expertise in developing healthcare workflow solutions are perfectly aligned with PipelineRx's vision to capitalize on these market trends.”
Evolute has been focusing on the development and integration of healthcare connectivity solutions that optimize communication between hospitals and their patient care providers as well as with their external clinical services, health plan and product partners. The company’s workflow and automation IT solutions help bring down hospital costs via processes that are integrated and consolidated. It also helps in lowering instances of errors which drive optimized day-to-day activities of the hospital.
Robert Jenesik, CEO of Aequitas Capital, said that, "We are enthusiastic about this strategic combination - it further enables Evolute to grow and expand as a direct result of the combined Company's synergies, existing customer relationships, and continued technology leadership.”
While the financial terms of the acquisition were not disclosed, the Evolute acquisition terms stipulate that Craig Froude, CEO of CarePayment, and an Aequitas Capital Partner will join PipelineRx's board of directors. Evolute’s technology staff has been absorbed by PipelineRx while Eric Carter will continue in his present capacity as Evolute's CTO and also serve as PipelineRx's CTO in addition to serving as a key member of the combined company's executive management leadership.
Edited by Brooke Neuman