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Express Scripts

The Express Scripts building north of Interstate 70 in St. Louis County on July 22, 2011. Photo by Johnny Andrews | jandrews@post-dispatch.com

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.