JOHNSON CITY, N.Y. – A consortium of investors led by former Walgreens Boots Alliance chief executive officer Greg Wasson will acquire a majority stake in 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.
The move will allow Innovation Associates to scale its business and enhance its pharmacy automation offerings.
The consortium, comprised of Wasson Enterprise, Allomer Capital Group and Capstone Consultants LLC, will partner with Innovation Associates’ founding Boyer family and employee shareholders, who will retain a minority ownership. The transaction is expected to close in the fourth quarter of 2019, subject to requisite regulatory approvals.
“This partnership presents Innovation with a tremendous opportunity to expand our market footprint while remaining true to our innovative roots,” Innovation Associates chief executive officer Mary Reno said in a statement. “We’re thrilled to work with visionary leader Greg Wasson as we take the company to the next level. 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.”
Using Innovation’s differentiated technologies, pharmacies can centralize prescription fulfillment across hundreds of locations, according to the company. 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. Pharmacies using the technologies also benefit from improved workflow efficiency, increased patient safety, and reduced operational costs.
“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 of 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 health care professionals.”