Fiserv Buys A Mail Order Pharmacy

NU Online News Service, Aug. 27, 2:02 p.m. EDT?Fiserv, Inc., the information management firm that serves insurance companies and other financial firms, said it has expanded its Fiserv Health business by acquiring Pharmacy Fulfillment, Inc., a provider of pharmacy services.

Brookfield, Wis.-based Fiserv did not disclose the cost of the transaction, but said the purchases of Pharmacy Fulfillment would contribute approximately $10 million in annualized revenues.

Based in Huntingdon Valley, Pa., Pharmacy Fulfillment offers mail-order prescription services.

Leslie M. Muma, president and chief executive officer of the Brookfield, Wis.-based Fiserv, said the acquisition of Pharmacy Fulfillment offers her company an opportunity to enlarge its fast-growing Fiserv Health group. Fiserv Health offers a variety of technology and business process outsourcing services related to health care transaction processing.

"We are finding great demand among employers for a company like Fiserv that can offer high-quality health plan administration services coupled with extensive expertise in managing technology," Ms. Muma said. "Our acquisition of Pharmacy Fulfillment will afford a new avenue of growth as we look for more ways to build this important business."

Pharmacy Fulfillment's employees, including President Joseph McCann, are expected to join Fiserv. "We see excellent growth opportunities as part of Fiserv," Mr. McCann said.

Fiserv, Inc. serves more than 15,000 clients worldwide, including insurance companies and agents, banks, broker-dealers, credit unions, financial planners/investment advisers, self-funded employers, lenders and savings institutions.

The company provides information management systems and services, including transaction processing, outsourcing, business process outsourcing and software and systems solutions.

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Fiserv Buys A Mail Order Pharmacy

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