Tampa’s myMatrixx, is a 16-year-old pharmacy benefits manager that processes thousands of prescriptions every day. That skill set caught the eye of giant Express Scripts, the nation’s largest pharmacy benefits manager.
Express Scripts said Wednesday it is acquiring myMatrixx, The terms of the deal were not disclosed.
St. Louis-based Express Scripts said the acquisition will expand its pharmacy services offerings for workers’ compensation clients and offer new growth opportunities.
Artemis Emslie, currently myMatrixx’s CEO, will lead the companies’ combined workers’ compensation team. MyMatrixx had $123.28 million in revenue for 2015, according to research by the Tampa Bay Business Journal, and over 200 employees.
myMatrixx was founded by Steve MacDonald, who serves as the firm’s executive chairman. The CEO and vice chairman of parent company myMatrixx Holdings is Tom Cardy, a veteran entrepreneur and investor.
In its first-quarter report, Express Scripts revealed it is expecting to lose its contract with Anthem Inc., its largest customer, when it expires at the end of 2019. The Anthem contract brought in about $17 billion in revenue, or about 17 percent of Express Scripts’ 2016 total revenue of $100.3 billion. Express Scripts officials said in a quarterly conference call that the company continues to search for strategic acquisitions and was particularly interested in opportunities in cost containment, payer services, worker’s compensation, specialty pharmacy and health care analytics.
Express Scripts Holding Co. reported first-quarter net income of $546.3 million on revenue of $24.65 billion, compared with profit of $526.1 million on revenue of $24.79 billion in the prior year’s quarter.