Great Hill and Advent-backed RxBenefits completed the acquisition of Confidio.

Great Hill and Advent-backed RxBenefits, a provider of pharmacy benefit procurement and administration services, completed the acquisition of Confidio, a developer and provider of a suite of pharmacy benefit procurement, consulting, audit and analytic solutions. Financial terms were not disclosed. "Pharmacy is a scale-driven business, with the best rates, rebates, and service being extended to the health plans, government entities, and employers whose annual prescription volume move the needle for the nation’s leading PBMs, which control more than 80% of the country’s prescription claims volume. Joining forces with Confidio marks the beginning of an exciting new chapter for RxBenefits as we advance our strategic vision to deliver a more affordable, clinically superior prescription benefit for the good of both plan sponsors and healthcare consumers. Our primary goal is to better address the key challenges small employers face in trying to maintain a robust and affordable pharmacy benefit," Bryan Statham, RxBenefits CEO.