Indianapolis-based Arcadia Resources Inc. has sold its Jascorp retail pharmacy-management software division for $2.2 million in cash, the company announced today.
Jascorp provides dispensing and billing software to pharmacies in 39 states and Puerto Rico. Arcadia acquired the Milwaukee-based business in July 2007 for $2.05 million in cash and stock. Arcadia did not name the buyer, saying only that it is a “leading pharmacy benefits company.”
Under the terms of the sale, Arcadia will retain some proprietary software, source code and interfaces associated with DailyMed, Arcadia’s service that manages and packages medications for seniors.
Arcadia plans to use the proceeds of the Jascorp sale to pay down debt. It will lose about $2.1 million in annual revenue that Jascorp brought in.
“By divesting ourselves of the customer base associated with the Jascorp system, we reduced debt and continued our efforts to focus our resources on our rapidly growing DailyMed business and core home care and medical staffing operations,” Arcadia CEO Marvin Richardson, said in a statement.
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