LOS ANGELES | November 11th, 2010 - Redwood Capital ("Redwood") announces the successful sale of Specialty Pharmacy Network, Inc. ("SPN" or the "Company") to West Corporation ("West"), a $2.4 billion leading provider of voice-related services. Gemini served as exclusive financial advisor to SPN.
SPN is a single source provider of billing and management information to payers and providers that participate in managing, administrating, and paying specialty pharmacy claims. SPN's flagship offering, the Over-Payment Pharmacy Identification System™ (OPIS), is a server-based application whose data mining capabilities allow SPN to identify indicators of medical claim overpayment based on a proprietary library of pharmacy edits. SPN provides its services to a number of health plans and healthcare providers nationally.
West is a global provider of business process outsourcing services including teleconferencing, customer service management, accounts receivable collections, and the operation of part of the 911 emergency network. Each of these segments builds upon its core competencies of managing technology, telephony, data, and human capital across a broad range of essential, outsourced service offerings. West, privately held, counts the Quadrangle Group, Thomas H. Lee Partners, and Lexington Partners among its investors.
Dr. Robert Dudzinski, CEO of SPN, became intimately aware of the inefficiencies in billing management within the nascent specialty pharmacy market after working for a variety of companies in the prescription benefit management (PBM) market. "We are very enthusiastic about our combination with West Corporation. SPN has seen some incredible opportunities in the specialty pharmacy space in the last two to three years and the reach of West Corporation allows us to roll out our product on a broad national basis." Dr. Dudzinski added, "Gemini's support and advice was key to getting this transaction done and we are very appreciative of the role that they have played in closing this transaction."
"We are extremely pleased with the growth of SPN and the relationship with the Company's new parent West Corporation," commented Matthew Johnson. "SPN's executive team has done a tremendous job developing its product offering and securing strategic relationships in a very attractive growth market. This acquisition should make West Corporation a leader in this space."
About Specialty Pharmacy Network
Specialty Pharmacy Network, Inc. is a single source provider of billing and management information to the various payers and providers that participate in managing, administrating, or paying specialty pharmacy claims. SPN's initial product, the Over-Payment Pharmacy Identification System™ (OPIS), is a server-based application that screens health plan payment records to identify specialty pharmacy claims that have been inaccurately paid.
About West Corporation
West Corporation is a leading provider of technology-driven, voice-oriented solutions. West offers its clients a broad range of communications and infrastructure management solutions that help them manage or support critical communications. Founded in 1986 and headquartered in Omaha, Nebraska, West serves Fortune 1000 companies and other clients in a variety of industries, including telecommunications, banking, retail, financial, technology and healthcare. West has sales and operations in the United States, Canada, Europe, the Middle East, Asia Pacific and Latin America.
For more information, please visit www.west.com.
About Drake Star
Drake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2013. Drake Star team of over 100 senior professionals across offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Geneva, Dubai*, and Singapore* focuses on mergers & acquisitions and corporate finance services worldwide in Consumer & Retail Technology, Digital Media, FinTech, Mobility & Sustainability, Software/SaaS, Digital Services, and Industrial Tech sectors.
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