LEHI, Utah, March 22, 2023 (GLOBE NEWSWIRE) — Xevant, the leader and creator of automated data analytics for organizations managing pharmacy benefits, announced its remarkable growth in 2022 and the momentum it is building for 2023.
The company’s previous fiscal year (ending Jan. 31, 2023) saw significant milestones, including 603% and 637% year-over-year increases in annual recurring revenue (ARR) and net customer retention, respectively. Additionally, Xevant’s employee headcount grew by 84% over the last year. These monumental achievements can be attributed to innovative technology, customers’ expanded use of products and solutions, and expansion into rebate and hospital markets with a continued focus on driving down drug costs.
Xevant was also awarded and recognized by several major publications in 2022, including:
- Inc. 5000 No. 1 Fastest Growing Private Software Company (No. 28 Fastest Growing Private Company overall)
- Inc. Regionals Fastest Growing Private Companies (Rocky Mountains)
- Modern Healthcare Best Places to Work in Healthcare
- Utah Best of State (Data Services)
- Utah Business Best Companies to Work For
Looking ahead, Xevant plans to utilize strategic partnerships to power its growth strategy, invest in key business areas, and expand market reach. The company looks forward to moving its headquarters into a larger office space while continuing to add top-caliber employees to its team. New developments and enhancements to Xevant’s data platform and core product solutions are also planned.
“Xevant offers industry expertise, groundbreaking solutions, and superior customer service – all while navigating a fast-growing, everchanging environment,” said Brandon Newman, CEO. He added, “These achievements, the people behind them, and our valued customers are ultimately propelling us toward our goal of positively impacting over 100 million lives by empowering healthcare stakeholders to solve issues with access, quality, and cost.”
About Xevant: Xevant’s revolutionary pharmacy benefits platform infuses real-time automation and alerts throughout the data analysis process accelerating and simplifying the painstaking task of report building for PBMs, TPAs, Health Plans, Brokers, and Consultants. With Xevant, critical pharmacy analysis that took weeks, months or more can now be done instantly. The results are optimized business processes, reduced operating costs, and improved patient outcomes. Xevant is recognized as one of Modern Healthcare’s Best Places to Work and America’s No. 1 Fastest Growing Private Software Company on the 2022 Inc. 5000 list. Visit www.xevant.com and follow Xevant on LinkedIn for more information about how it helps its customers deliver faster, more accurate results.