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October 11, 2022

Walgreens parent to fully acquire Hartford healthcare technology company CareCentrix

PHOTO | CONTRIBUTED John Driscoll is CEO of Hartford-based CareCentrix.

Walgreens Boots Alliance Inc., parent company to Walgreens, announced Tuesday it will follow up on its August purchase of a controlling stake in CareCentrix, by purchasing the remaining shares of the Hartford-based healthcare technology company.

Walgreens Boots, which is headquartered in Illinois, announced in early September it had invested $300 million for a 55% stake in CareCentrix, a company that had been one of the fastest growing in Hartford over the past decade.

Headquartered in Illinois, Walgreens Boots has sealed an agreement to buy out the remaining 45% stake for approximately $392 million.

Founded in 1996, CareCentrix uses advanced analytics technology to coordinate at-home care for about 19 million patients, working with health insurers, health systems and a network of companies that provide in-home nursing, social work and other services.

CareCentrix CEO John Driscoll, in a recent interview, said the August purchase of a majority stake by Walgreens Boots would allow his company to add prescription management to the home-care services it manages.

Walgreens Boots announced it anticipated closing on the remainder of the CareCentrix by March 2023.

“We continue to see strong results and potential for growth from our partnership with CareCentrix,” said Roz Brewer, CEO of Walgreens Boot Alliance. “Our full acquisition further accelerates our transformation to become a consumer-centric healthcare company, leveraging innovative platforms that extend our capabilities into fast-growing segments of healthcare.”

CareCentrix reported revenue of $1.5 billion in fiscal 2021.

The company will continue as a distinct business and brand within Walgreens following the full acquisition. Driscoll will stay on, assuming the role of executive vice president and president, U.S. Healthcare at Walgreens Boots Alliance, later this month, according to the release.

In 2012, CareCentrix became the fifth company to participate in former Gov. Dannel P. Malloy’s “First Five” program, a somewhat controversial job-creation initiative administered by the Department of Economic and Community Development.

CareCentrix received $24 million in grants and moved its headquarters from East Hartford to Hartford. In exchange, the company was to keep its headquarters in Hartford until 2023, rebuffing relocation offers from lower-cost states, including Kansas and Florida. CareCentrix also pledged to retain 213 jobs and create another 290 by the end of 2017.

CareCentrix created and retained 535 jobs, exceeding its target by 32 jobs, as of Sept. 30, 2017, according to DECD.

In September, CareCentrix tallied 1,877 employees nationally, 346 of whom operate in Connecticut. The company has offices in Hartford and Stamford, as well as in Missouri and Florida.

CareCentrix currently leases 73,941 square feet in the Stilts Building, at 20 Church St. in downtown Hartford.

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