JOHNSON CITY, N.Y. – Innovation Associates, the market-leading provider of high-volume pharmacy automation technology and software solutions to the retail, hospital, government, and mail order pharmacy markets, announced Wednesday the signing of a definitive agreement pursuant to which a consortium of investors led by Greg Wasson, the former Walgreens Boots Alliance chief executive officer, will acquire a majority stake in the company to scale the business and enhance its pharmacy automation offerings.
The consortium, comprised of Wasson Enterprise, Allomer Capital Group, and Capstone Consultants LLC, will partner with the founding Boyer family and Innovation employee shareholders, who will retain a minority ownership. Subject to requisite regulatory approvals, the transaction is expected to close in the fourth quarter of 2019.
Using Innovation’s differentiated technologies, pharmacies can centralize prescription fulfillment across hundreds of locations. This results in greatly reduced dispensing costs, centralizes higher-cost medication inventory, and frees up pharmacists so they can expand patient services and increase medication compliance. Additionally, pharmacies benefit from improved workflow efficiency, increased patient safety, and reduced operational costs.
“This partnership presents Innovation with a tremendous opportunity to expand our market footprint while remaining true to our innovative roots. We’re thrilled to work with visionary leader Greg Wasson as we take the company to the next level,” said Mary Reno, CEO, Innovation Associates. “We all share a similar vision for the future of pharmacy – that pharmacists spend less time filling prescriptions and more time helping patients in need. Our next-generation suite of automation solutions has the industry on the right path to achieving this goal,” added Reno.
“Mary and her talented team have built a wonderful company, delivering on the promise of high quality, low-cost prescription fulfillment,” said Greg Wasson, president and cofounder, Wasson Enterprise. “As a pharmacist myself, I’ve always believed that the pharmacy could and should play a bigger role in delivering high value health and wellness services. Pharmacists are the most accessible healthcare providers in our communities and Innovation’s technology suite, including its leading software, has the potential to free them up so that they can focus more on the role they were always meant to play – that of trusted healthcare professionals.”
Marvin Richardson, managing director of Capstone Consultants, and Steve Chang, managing partner of Allomer Capital Group, said, “Innovation has recently enjoyed explosive growth. We are excited to partner with Greg Wasson and the Innovation team to provide access to the strategic, operating, and financial resources to continue accelerated expansion.”