Wolters Kluwer Health acquired Invistics Corporation, an Atlanta, GA-based provider of cloud-based, AI-enabled software for drug diversion detection and controlled substance compliance.
The amount of the deal was not disclosed.
With the acquisition Wolters Kluwer Health will expand its offerings. Invistics will join the company’s Clinical Surveillance, Compliance & Data Solutions unit, part of Clinical Solutions. Its technology solution fits with Wolters Kluwer Health’s existing offerings, such as Simplifi+® and Sentri7®, which help customers achieve optimal clinical outcomes and regulatory compliance.
Led by Tom Knight, Founder and CEO, Invistics provides a solution, Flowlytics, that uses predictive analytics to detect illicit diversion of both controlled and non-controlled medications in patient care settings such as hospitals and ambulatory surgery centers. Flowlytics reconciles drug transactions from purchase to patient and uses AI to rapidly and accurately identify patterns of behavior consistent with drug diversion.
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
Wolters Kluwer expects the acquisition to deliver a return on invested capital (ROIC) above its weighted average cost of capital (8%) within 3-5 years and expects the transaction to have an immaterial impact on adjusted earnings.
FinSMEs
08/06/2023