Health kiosk and patient engagement company PharmaSmart International has gained a growth investment from Canadian private equity firm CPS Capital.
The investment is aimed at providing growth capital for new customer contracts to accelerate PharmaSmart’s connected health growth strategy in the United States and Canada. PharmaSmart collects and manages validated patient data, including weight, blood pressure, BMI and blood glucose, while also offering health IT services to retail pharmacies, employers, providers and insurers.
“We are excited to take this next step in our company journey and to partner with CPS in rolling out our new PS-2000D platform, which incorporates 20 years of experience and innovation, and delivers a fully realized, interoperable health solution for retail pharmacy, providers, and their patients. The influx of capital and expertise allows us the platform to aggressively roll out our technologies across North America,” said Fred Sarkis, CEO of PharmaSmart.
Michael Arblaster, partner at CPS, said, "We are extremely pleased to be partnering with the founding management group at PharmaSmart. We believe that their clinically validated technologies are an invaluable tool for pharmacies to drive foot traffic and increased engagement. We are additionally excited to showcase their value to international markets, primary care settings and employer worksites to advance population health strategies and deploy data-driven improvements to health outcomes.”
CPS said it secured debt financing for the investment from FirePower Capital and Nicola Wealth.
“We are excited to partner with CPS to support PharmaSmart's growth plan. PharmaSmart's market position will be cemented through a new contract with a leading North American pharmacy chain, which positions them well for strong and sustained growth,” said Trevor Simpson, associate partner at FirePower Capital. “The commitment from PharmaSmart's customers throughout the pandemic exemplifies the company's market goodwill and sustainable healthcare value proposal. Through our diligence process it is clear PharmaSmart's products are top-tier and provide real value to their pharmacy clients and consumers by delivering a trustworthy, end-to-end health screening and engagement platform that moves the needle in patient outcomes.