Moorestown-based Tabula Rasa HealthCare on Monday said it completed the previously announced sale of its PrescribeWellness business to Transaction Data Systems for an all-cash purchase price of up to $140 million.
$125 million of the purchase price was paid at the closing of the acquisition, excluding certain adjustments related to the net working capital of the PrescribeWellness business, and up to an additional $15 million will be paid if certain performance-based metrics are met during the fiscal years ending Dec. 31, 2023, and 2024.
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“The successful sale of PrescribeWellness represents another step forward in our ongoing strategic transformation,” Calvin Knowlton, TRHC’s founder, chairman and CEO, said. “Through our planned asset divestitures, we are creating a more focused business that is better positioned to capture the significant opportunities ahead in the (Programs of All-Inclusive Care for the Elderly) and broader value-based care market, unlocking long-term value for all TRHC stockholders.”
PrescribeWellness is a provider of best-in-class patient relationship management solutions. TDS plans to add PrescribeWellness to its industry-leading portfolio of clinical applications to support enhanced collaboration among pharmacists, providers, payers and patients.