Thoma Bravo announces investment in medication intelligence firm Bluesight
Prominent software investment firm, Thoma Bravo, has announced the conclusion of a strategic growth investment in Bluesight, a renowned Medication Intelligence Company.
The undisclosed financial investment is set to bolster Bluesight’s drug diversion prevention solutions through its procurement of Medacist, a leader in drug diversion monitoring. Furthermore, the deal is projected to expand Bluesight’s inventory management and cost-optimization services.
Current investor, New Leaf Ventures, will continue its financial involvement in the business.
Bluesight’s mission revolves around revamping the hospital pharmacy supply chain via software. Presently, Bluesight assists health systems with automated RFID-enabled kit and tray management through KitCheck, controlled substance diversion management via ControlCheck, and drug purchasing optimization using CostCheck. Additional resources from Thoma Bravo are slated to speed up Bluesight’s vision actualization, potentially benefiting its customers significantly.
Bluesight’s procurement of Medacist consolidates two innovators in drug diversion analytics and medication management solutions, jointly serving over 2,000 hospitals across North America. Bluesight’s superior auditing capacities and transparency across all hospital care areas align with Medacist’s efficient reporting and visibility tools throughout the health system. Hence, healthcare organizations will gain access to a singular source of software solutions, providing insights into medication usage and diversion for accurate predictions, targeted interventions, and enhanced patient outcomes. The combined entity will be led by Kevin MacDonald, Co-Founder and CEO of Bluesight.
According to MacDonald, technological advancements such as artificial intelligence are digitizing healthcare and driving demand for software innovations in medication management. He expressed excitement at partnering with Thoma Bravo, stating that the union would enhance their investment in Medication Intelligence and allow them to serve their health system customers more completely throughout the drug lifecycle. He also noted the merger with Medacist would enhance their support for healthcare organizations in their effort to identify and prevent acts of drug diversion.
Carl Press, a Partner at Thoma Bravo, echoed MacDonald’s sentiments, stating that the amalgamation of Bluesight and Medacist would meet the increasing demand for software solutions that transform how health system pharmacies manage medication inventory and compliance. Press also commented on the unique position of the combined company to tackle significant challenges, expressing eagerness to partner with MacDonald and his team to expedite innovation and growth at Bluesight.