SCOTTSDALE, AZ -- (Marketwired) -- 02/25/16 -- ServRx, Inc. and related company Worker Compensation Rx Solutions, Inc. ("WCRx"), both privately owned entities located in Scottsdale, Arizona, today announced CEO Todd Delano's direct management buyout of majority ownership of both companies' stock interest held by co-founder Dr. Randall S. Prust, M.D. Senior secured financing for the transaction, as well as a credit facility to fund future growth, was provided by Gemino Healthcare Finance.
Dr. Prust commented, "Todd and I co-founded ServRx and WCRx in 2009 and, under Todd's daily management as President, CEO and board member, he has grown both ServRx and WCRx (and other related entities) from small niche pharmaceutical billing businesses into high-growth companies doing business in all 50 U.S. states. I am selling the majority of my stock positions directly to Todd in a very friendly buyout transaction and I have completed my board commitments and tendered my formal resignation as Chairman. I will continue to be a supportive minority shareholder and will focus on my current full-time commitment to my medical practice, as well as other outside venture capital portfolio investments. It has been an honor to help mentor Todd and see him grow into an outstanding senior executive."
Todd Delano stated, "I appreciate Dr. Prust's initial financial and business support over the years and look forward to continuing to grow ServRx into a national industry leader. We are excited for the next chapter in ServRx's journey going forward. We plan to build off the strong business foundation that we have established, plus leverage our technology and the dedication of our current management team while adding additional key personnel in the future. Our motivated employees share a passionate belief in our company and our organization's culture and core values. Most of all, we believe in the excellence and dedication of our co-workers, who are committed to providing exceptional client service and support to our growing national customer base."
Mr. Delano concluded, "We interviewed a number of financial institutions and selected Gemino Healthcare Finance as our lender regarding this transaction due in part to their healthcare finance expertise and their experience throughout the United States dealing with middle market growth companies. Their professional team was extremely responsive to our timeline requirements, plus they met all of our objectives and Gemino has a long-term relationship outlook with their clients."
About ServRx, Inc.
ServRx/WCRx was founded in 2009 by veterans of the pharmacy claims processing industry. Many claims processing companies rely on antiquated technology and IT infrastructure. ServRx utilizes one of the most sophisticated IT systems in the industry, which means its clients benefit from real-time adjudication and immediate payment confirmation. ServRx's mission is to work closely with each client to develop solutions that maximize revenue cycle. Additional information can be found at www.servrx.com.
