GTCR has invested in Transaction Data Systems Inc., a pharmacy management software company that does business as Rx30.
Ocoee, Florida-based Rx30 develops pharmacy-management programs for hospital, long-term care and the specialty pharmaceutical markets. The company sells its software to pharmacies in the U.S., Mexico and the Caribbean. Terms of the deal were not disclosed.
For its investment, Chicago-based GTCR partnered with the company’s existing CEO, Steve Wubker, who will continue to head the business. The move is consistent with the firm's the Leaders Strategy, under which GTCR partners with management teams to build companies. That strategy won GTCR Mergers & Acquisitions M&A Mid-Market Private Equity Firm of the Year award for 2013.
GTCR's other recent transactions include a deal to sell Protection 1 to Apollo Global Management (NYSE: APO) in May, and portfolio company AssuredPartners Inc.'s acquisition of Amtech Insurance Brokers, in February. Before that, the firm teamed up with Adams Outdoor Advertising to buy Fairway Media Group LLC, a billboard operator.
GTCR made the Rx30 investment from GTCR Fund XI, which closed in 2014 with $3.85 billion in commitments. Macquarie Corporate and Asset Finance Lending, Golub Capital, Orix Leveraged Finance, Ares Capital Corp. and Business Development Corp. of America provided financing for the deal. Kirkland & Ellis LLP was GTCR's legal counsel, and William Blair & Co. was the firm's financial adviser.
The Affordable Care Act has opened the gate for more patients to enter the U.S. health care system, which can put additional pressure on providers. Technology is one way they can pare down costs, which is one of the reasons we've seen so many health care tech transactions.
Aside from GTCR's latest deal, other companies have also made moves in the space. Fujifilm Medical Systems USA Inc. bought clinical archiving technology company TeraMedica in May, and Digirad Corp. (Nasdaq: DRAD) picked up mobile diagnostic imaging group MD Office Solutions in March. For more on health care technology M&A, see 5 Technologies that Drove Health Care M&A in 2014.