RedSail Technologies, a premier pharmacy technology and solutions provider, announced a strategic growth investment from Leonard Green & Partners (LGP). In connection with the deal, Francisco Partners (FP) – which created RedSail by combining two separate divisional carve-outs in 2020 – will also reinvest in the company along with management.
This investment will also help advance RedSail’s goal of elevating the role of pharmacy and the health of its communities by building the most clinically advanced and financially sustainable pharmacy network. And with over 12,000 pharmacy locations, the company’s comprehensive platform combines best-in-class pharmacy management software, proprietary pharmacy network switch capabilities, and a suite of data services that together provide financial and clinical benefits to customers across the pharmacy stakeholder ecosystem.
RedSail Technologies empowers over 12,000 pharmacies serving more than 8 million patients monthly, RedSail has experience with the needs and concerns of pharmacy across sectors – community, long-term care, outpatient, clinic, HME/DME, and specialty pharmacies – and their pharma, payer, and strategic industry partners.
RedSail makes daily pharmacy operations more seamless with advanced pharmacy management systems, transactional and medical billing services, and patient engagement solutions. And the company’s leading brands, including PioneerRx, Axys long-term care pharmacy software, PowerLine, TransactRx, and QS/1, provide the efficiency and industry integration that liberate pharmacists to focus on patients.
The deal is subject to customary regulatory approvals. TripleTree and William Blair served as financial advisors and Kirkland & Ellis LLP served as legal counsel to RedSail Technologies and Francisco Partners; Baird acted as financial advisor and Latham & Watkins LLP served as legal counsel to LGP.
KEY QUOTES:
“Throughout our partnership with Francisco Partners, RedSail has successfully expanded growth initiatives, delivered product innovation, and strengthened our customer and partner relationships. We have only increased our capabilities with the addition of LGP, a top tier growth-focused and management-first investor. With the support of FP and LGP, we plan to further accelerate our product roadmap, significantly expand our customer base, and materially enhance our offering across the pharmacy ecosystem and the broader healthcare landscape.”
– Kraig McEwen, RedSail CEO
“RedSail is transforming the pharmacy industry through a robust end-to-end platform offering innovative solutions. RedSail is well-positioned to capitalize on and further enable the trends toward elevating the role of pharmacists, and we believe the company will continue to benefit from its growing data network and Axys, the industry’s first and only cloud-native, next-generation pharmacy management software. We’re excited to partner with the RedSail and FP teams.”
– Pete Zippelius and Jeff Suer at LGP
“We are proud of our partnership with RedSail over the past four years. The team has built an exceptional company with a differentiated culture and incredible track record of supporting their customers. We look forward to backing the company’s next stage of growth with the RedSail team and our new partners at LGP.”
– Chris Adams, Partner at Francisco Partners
