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Cardinal Health announces the merger of its Outcomes™ business into Transaction Data Systems and related partnership

Cardinal Health's Outcomes™ business will combine with Transaction Data Systems to offer improved patient engagement and clinical pharmacy solutions, expanding connections between payers and pharma to its nationwide pharmacy network

DUBLIN, Ohio, June 5, 2023 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today announced it has signed a definitive agreement to contribute its Outcomes™ business to Transaction Data Systems (TDS), a portfolio company of BlackRock Long Term Private Capital and GTCR, in exchange for a minority stake in the combined entity. Under the terms of the agreement, Cardinal Health's pharmaceutical segment CEO, Debbie Weitzman, will be appointed to the TDS board of directors. 

The transaction will create a broad, integrated offering of pharmacy workflow software with patient engagement and clinical solutions to serve the patient, pharmacy, payer, and pharmaceutical company ecosystem, including one of the nation's largest networks of 40,000 retail, chain and grocery pharmacies.  

TDS's existing portfolio of clinical pharmacy solutions includes the Rx30 and Computer-Rx pharmacy management systems and PrescribeWellness, its patient communication-pharmacy enablement application. Through its OutcomesOne™ platform, Outcomes offers a portfolio of patient engagement, clinical care, workflow, and financial solutions.

The combined organization will expand upon TDS's existing solutions for delivering clinical care, medication therapy management and diversifying pharmacy revenue streams by adding Outcomes' digital capabilities for patient engagement, virtual verification, order grouping, pill counting, and financial insights. Together, TDS and Outcomes will create additional opportunities for pharmacists to participate in sponsored clinical interventions and better access for payors and pharmaceutical companies to drive better care and outcomes for patients.

"This is an exciting new chapter for our Outcomes business, reflecting our continued commitment to pharmacies as trusted, community healthcare destinations," said Debbie Weitzman, CEO of Cardinal Health's pharmaceutical segment. "Bringing together the powerful connections and unified platform of Outcomes with TDS's best-in-class pharmacy management solutions will enable pharmacies to offer an elevated level of personal care for their patients, operate more effectively and achieve even better clinical and financial results." 

"Adding Outcomes to TDS's platform represents a major milestone for optimizing care delivery and maximizing clinical reimbursement in the pharmacy," said Jude Dieterman, CEO of Transaction Data Systems. "Together we can drive more meaningful connections with payers and pharma companies to improve adherence and health outcomes through streamlined programs in pharmacy workflow directly at the point of care."

The transaction is anticipated to close, subject to customary closing conditions and the expiration or termination of regulatory periods, in the third calendar quarter of 2023. Jones Day is serving as legal advisor to Cardinal Health. SVB Securities is acting as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to Transaction Data Systems.

About Cardinal Health   
Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities. With more than 50 years in business, operations in more than 30 countries and approximately 46,500 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at

About Transaction Data Systems 
For over 45 years, TDS has been dedicated to the success of the pharmacy market and pharmacy supply chain. With its portfolio of products and services including Rx30, Computer-Rx, and PrescribeWellness, TDS provides innovative patient-centric technology solutions and pharmacy management systems to the pharmacy industry. We proudly support one of the largest install base of independent pharmacies in the industry with systems in all 50 states and the Virgin Islands. TDS is a leading provider of pharmacy-focused, patient-centric solutions. For more information, please visit

About BlackRock LTPC 
BlackRock LTPC is an innovative private equity strategy focused on investing in high-quality businesses and value creation through active collaboration with management teams. The strategy's flexible duration and prudent approach to leverage preserve optionality for growth and help enable compounded capital appreciation. LTPC's team of 21 professionals are based in New York and London and invest across North America and Western Europe. LTPC is backed by BlackRock, Inc., which manages $320 billion in alternative investments and commitments on behalf of clients worldwide as of March 31, 2023. For additional information on BlackRock, please visit

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit


Cardinal Health
Media: Erich Timmerman -, 614.757.8231
Investors: Kevin Moran -, 614.757.7942

BlackRock: Christopher Beattie,, 646.231.8518
Transaction Data Systems: Tycene Fritcher,, 813.786.1136

SOURCE Cardinal Health

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