Sectyr, an established provider of compliance platforms for 340B covered entities, has acquired LicenseTrak, a system for managing license, contract, training, and other business tasks, the companies announced last week.
Scottsdale, Ariz.-based Sectyr will fold Bloomington, Minn.-based LicenseTrak into its SectyrHub platform, expanding its capabilities. Terms of the deal were not disclosed. Sectyr is a sponsor of 340B Report.
Tony Zappa, LicenseTrak’s founder, was named a Sectyr senior vice president on Oct. 27, after the deal was closed.
Sectyr’s SectyrHub 340B compliance software helps covered entities manage their 340B program compliance and maintain readiness for federal 340B program audits, according to Sectyr CEO James Lawson. Data is constantly analyzed, and covered entities are alerted whenever a potential compliance issue surfaces. SectyrHub also offers software to help health centers manage their federal Section 330 grants and help health care organizations comply with annual Health Insurance Portability and Accountability Act (HIPPA) annual risk assessment requirements.
LicenseTrak helps providers stay on top of legal and regulatory reporting, recertification, licensing, training, and contract requirements, including sending notifications about upcoming due dates and reminders about overdue tasks.
“We see it as extraordinarily complementary because the management of licensing is something that we don’t have at all, and it makes 100 percent sense to do that,” Lawson said.
The combined companies have a client roster of about 180 340B covered entities—primarily hospitals and healthcare systems—that keep tabs on some 4,000 affiliated and contract pharmacies.
“The ability to bring our unique license management capabilities to the already feature-rich SectyrHub platform will enable us to grow and continue to innovate,” Zappa said.