OCI Ventures sells retail pharmacy systems business to Robertson Piper Software Group
SOUTHPORT, Connecticut, September 17, 2007 -- Carter Morse & Mathias ("CM&M") today announced that OPUS-ISM, LLC (“OPUS-ISM”), a leading provider of retail pharmacy management systems and pharmacy workflow technology, has been sold to a California-based private equity group. Terms of the transaction were not disclosed. CM&M was OPUS-ISM’s exclusive financial advisor in arranging, structuring and negotiating the transaction.
The sale of OPUS-ISM to the private equity group reflects a continued trend of consolidation in the pharmacy management systems industry. While historically most acquisitions have been led by strategic buyers, this transaction indicates a related trend of private equity firms seeking entry into the vertical through the acquisition of a platform company like OPUS-ISM. OPUS-ISM was formed in 2004 from 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. At the time of the merger, the companies were the two leading providers of retail pharmacy management systems and pharmacy workflow technology in the NY Tri-State area, serving over 1,000 locations combined.
Alex Phillips, former CEO of OPUS-ISM, said “The predecessor companies that merged to create OPUS-ISM were built 30 years ago by entrepreneurs that understood the need for robust micro-computer based systems to run independent pharmacies. We evolved and thrived through the introduction of PCs and the Internet. With the acquisition of our company, RPSG is positioned to add its strategic vision and financial resources to the mix to become a leading national player. We wish them great success in their endeavor as hands-on investors with expertise in healthcare and software.”
Mark Schneider, chairman of OCI Ventures, parent company of OPUS-ISM, said, “The sale of OPUS-ISM culminates a 30 year history of building shareholder value. Over the last three years, our shareholders have joined up with Carter Morse & Mathias to advise us on key strategic transactions to maximize and unlock that value, beginning with the merger of OPUS-Core and ISM at the end of 2004, followed by the sale of Opus-Health, LLC to Dendrite International in 2006, and ending with the sale of OPUS-ISM in 2007.”