Express Scripts Holding Co. has reached a deal to sell its ConnectYourCare subsidiary to venture capital firm ABS Capital Partners.
Terms of the deal were not released.
Founded in 2002, ConnectYourCare is a consumer-directed healthcare (CDH) account administrator. The company became a subsidiary of Express Scripts in 2007.
The sale will allow ConnectYourCare to operate independently of north St. Louis County-based pharmacy benefit manager Express Scripts, the company said in a statement.
Cal Wheaton, a general partner at Baltimore-based ABS Capital, and founding partner Tim Weglicki will join ConnectYourCare's board as part of the sale.