OPUS-Core completes merger with Interactive Systems & Management
SOUTHPORT, Connecticut, January 20, 2005 -- Carter Morse & Mathias today announced the merger of the OPUS-Core Corporation (OPUS-Core), based in Hauppauge, N.Y., and Interactive Systems & Management Corp. (ISM), based in Little Falls, N.J. The companies are two of the leading providers of retail pharmacy management systems and pharmacy workflow technology. They are combining under a new holding company, OCI Ventures LLC. Terms of the transaction were not disclosed. Carter Morse & Mathias was the exclusive financial advisor to OPUS-Core in the transaction.
The merger reflects a continued trend of consolidation in the pharmacy management systems industry, whereby leading companies are combining resources to deliver technology solutions to pharmacies, PBMs, and pharmaceutical companies. The formation of OCI Ventures is notable as it follows on the recent acquisition of its major competitor in New York region, Health Business Systems, Inc., by Systems Xcellence Inc (TSX: SXC).
Mark Schneider, chairman of OCI Ventures, said, “We believe that our merger will enable us to expand as a leading provider of technology solutions and quality customer service to the pharmacy supply chain. We look forward to competing vigorously for market share in the coming years.”
Founded in 1982, OPUS Core provides computer systems and services for chain and independent pharmacies throughout the United States. OPUS-Core is a market leader in the New York metropolitan area, with over 500 installations. Its products and services include Pharmacy Management System, the On-track point-of-sale system, MultiCap, Profit Maximizer, CorrectRx and PrescriptionCare.
Sidney L. Meyer, Esq., chief operating officer of the merged companies, said. “This merger brings together two pioneering pharmacy system providers with complementary products. Our intent is to grow the companies by having a stronger base and by building on each company’s strengths. The merger provides us with increased market share and presence, a broader product line, and a clear path for growth. At the same time, we will continue to provide the personal service that our customers expect and value.”
Under the merger, OCI Ventures will also operate the business of OPUS Health Information Systems, Inc. (OPUS Health), an affiliate of OPUS-Core. OPUS Health is a comprehensive healthcare benefit administrator that provides boutique applications for back-end pharmacy-related processing services. It combines network-related services, medical processing and data services to provide one-stop processing of patient assistance programs, patient incentive programs, and coupon/voucher fulfillment. For more information on OCI Ventures, go to www.ociventures.com.