Spurrier Capital Partners is pleased to announce our role as the exclusive financial advisor to Verity Solutions in its sale to Express Scripts, a Cigna company. Verity Solutions provides hundreds of health systems with industry-leading solutions and award-winning software to successfully manage the complex process of maintaining 340B program compliance, optimizing 340B savings, staying up to date with ever-changing regulations and ensuring ongoing audit readiness. For the past two years, Verity Solutions’ software platform was ranked #1 Best in KLAS for 340B Management Systems by KLAS®, the industry leader in evaluating healthcare IT and technology vendors.
Verity’s V340B® platform is the most innovative, scalable, and flexible 340B solution in the industry with an extraordinary focus on security and compliance. Upon close of the transaction, Verity Solutions will operate as a stand-alone company under the Express Scripts umbrella, expanding the range of health services and improving Express Scripts’ ability to help integrated health systems, hospitals and centers of care throughout the U.S. serve vulnerable patient populations.
“Through their deep healthcare knowledge, hands-on partnership approach and unwavering commitment throughout the process, Derek and the team at Spurrier Capital Partners became indispensable members of the Verity team and the ideal partner for us during the most important time in our Company’s history,” stated George Puckett, President & CEO of Verity Solutions. “SCP’s deep understanding of our business and the market overall enabled them to articulate the profound opportunity for Verity’s differentiated solutions to drive mission-critical savings to health systems while seeking the ideal partner that would help us best serve our clients, partners and employees for the foreseeable future.”
“From a CFO’s perspective, you cannot select a better advisor than SCP,” said Jon Sortland, CFO of Verity Solutions. “They made the entire process smooth and seamless, and the SCP team did much of the detailed work required in a transaction of this magnitude. SCP truly lived up to their commitment of providing a ‘Consigliere Approach’ in guiding us to a successful outcome.”
“Ignition Partners is proud to have supported the team at Verity Solutions. We are gratified by George Puckett and his leadership team’s vision to refactor the Company’s 340B System to the cloud and provide excellent customer service and value. We celebrate their success and Cigna’s vision to have Verity join their team,” commented Richard Fade, Partner at Ignition Partners. “Clark, Derek, and the entire SCP team were tremendous to work with throughout the process. Their relationships across the industry and best-in-class execution enabled Verity and our shareholders to achieve a successful outcome.”
“Verity’s comprehensive pharmacy compliance platform facilitates safety-net hospitals realizing mission critical savings. Their solutions are enabling health systems to care for the most vulnerable populations across the country,” said Derek Ritchea, Director at Spurrier Capital Partners. “We couldn’t be happier for George, Jon and the entire Verity team as they partner with Express Scripts to more effectively and comprehensively support the needs of their hospital and health system clients.”
Clark Spurrier, Founder and CEO of Spurrier Capital Partners emphasized, “The Verity transaction underscores SCP’s deep commitment to Healthcare Technology and is instrumental in the continued growth of our HCIT franchise. We are very grateful for the opportunity to work with the Company on this amazing outcome.”
The deal team was led by Clark Spurrier, Derek Ritchea, Alex Wong, and Brendan Burke. Please do not hesitate to reach out to us with any questions at (212) 486-7100.