WALTHAM, Mass.--(BUSINESS WIRE)--Wolters Kluwer Health today announced it has signed and completed the acquisition of Invistics Corporation (Invistics), a U.S.-based provider of cloud-based, AI-enabled software for drug diversion detection and controlled substance compliance. Invistics will join the company’s Clinical Surveillance, Compliance & Data Solutions unit, part of Clinical Solutions.
Invistics’ solution, Flowlytics, uses predictive analytics to detect illicit diversion of both controlled and non-controlled medications in patient care settings such as hospitals and ambulatory surgery centers. Drug diversion is a growing challenge in the U.S. healthcare system, costing some $70 billion per year. One study estimates 10% to 15% of health professionals will misuse drugs or alcohol at some point in their career, increasing the risk for drug diversion.¹ Drug diversion occurs when a healthcare worker illegally obtains or uses prescription drugs intended for a patient.
Flowlytics reconciles drug transactions from purchase to patient and uses AI to rapidly and accurately identify patterns of behavior consistent with drug diversion. A five-year National Institutes of Health-funded study found that Flowlytics detected cases of drug diversion faster and with more efficiency than legacy solutions.² In addition to detection, the solution also supports diversion investigation, adjudication, and reporting workflows.
“Invistics’ advanced technology solution fits perfectly with our existing offerings, such as Simplifi+® and Sentri7®, which help customers achieve optimal clinical outcomes and regulatory compliance,” commented Karen Kobelski, Vice President and General Manager for Clinical Surveillance, Compliance & Data Solutions at Wolters Kluwer Health. “Our efforts to help health systems deploy effective pharmacy surveillance and compliance programs to reduce patient risk are further enhanced by incorporating the Invistics solution.”
“Invistics is recognized as a leader in innovative approaches for drug diversion detection and controlled substance compliance. We are excited to join Wolters Kluwer Health—our shared commitment to patient safety makes this a natural home for Invistics,” commented Tom Knight, Founder and Chief Executive Officer, Invistics.
Invistics, founded in 1999, is based in Atlanta, GA. Wolters Kluwer expects the acquisition to deliver a return on invested capital (ROIC) above its weighted average cost of capital (8%) within 3-5 years and expects the transaction to have an immaterial impact on adjusted earnings.
¹ Baldisseri MR. Impaired healthcare professional. Crit Care Med. 2007 Feb;35(2 Suppl):S106-16. doi: 10.1097/01.CCM.0000252918.87746.96. PMID: 17242598. https://pubmed.ncbi.nlm.nih.gov/17242598/
² Tom Knight, MS, MS and others, Detecting drug diversion in health-system data using machine learning and advanced analytics, American Journal of Health-System Pharmacy, Volume 79, Issue 16, 15 August 2022, Pages 1345–1354, https://pubmed.ncbi.nlm.nih.gov/35136913/
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.
For more information about our solutions, visit https://www.wolterskluwer.com/en/health and follow us on LinkedIn and Twitter @WKHealth
Forward-looking statements and other important legal information
This report contains forward-looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Certain trademarks referenced are owned by Wolters Kluwer N.V. and its subsidiaries and may be registered in various countries.
