LEHI, Utah, Feb. 22, 2022 (GLOBE NEWSWIRE) — Xevant, the leader and creator of automated data analytics for organizations managing pharmacy benefits, is pleased to announce continued company growth and momentum moving into 2022. The fiscal year ending January 31, 2022, saw significant revenue growth, an increase in staff, the launch of new product features and capabilities, and expansion into the hospital pharmacy market.
Xevant attributes this growth to its innovative technology, superior customer service and industry expertise. Pharmacy Benefit Managers (PBMs), Third Party Administrators (TPAs), Health Plans, and Hospitals drove an increased demand for automated analytics and rebate processing solutions.
With subscription revenue up 400% and 100% customer retention, Xevant closed an add-on round of funding of $3.25M in early 2021. The company tripled its employee count and launched RebateLogic, a groundbreaking solution that fully automates the management and optimization of drug rebates.
“Xevant’s ability to foster long-term relationships with clients, deliver innovative products, and hire and retain top-caliber employees have all fueled our growth,” said Lindsay Jones, Chief Financial Officer. He continued, “The additional investment allowed us to improve our capital structure and will allow us to extend our reach in new ways going forward.”
Winning two Gold Globee Awards for IT Software and Business Excellence, recognized by World Biz Awards as Top 100 Innovation CEOs and MedHealth Outlook Top 10 Innovators, plus certified as a Great Place to Work® company, Xevant is setting a new bar for data analysis in the pharmacy benefits industry.
Xevant CEO Brandon Newman said, “Thanks to our committed team of experts, we had an incredible year, helping clients achieve outcomes they’ve never experienced before. I’m excited for what 2022 has in store.”