Recent acquisition could change Ohio startup landscape forever

Story excerpt provided by Smart Business.

Written by Jerry Frantz, JumpStart Inc.

If you follow venture capital, you’ve no doubt heard the term “unicorn” referring to the rare (almost mythical) startup that reaches a value of $1 billion or more.

For all the tens of thousands of tech startups that have launched, only a handful reach a billion dollar valuation. On a global level, there are an estimated 168 venture-backed companies awaiting exit valued at $1 billion, but recent trends show that on average, only 25 unicorns will exit per year from around the world.

Now you can add one more company to that global list — CoverMyMeds, which is being acquired by McKesson Corp. for $1.1 billion. Founded in 2008, CoverMyMeds has grown to unicorn status by electronically automating the prescription medication prior authorization process.

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Originally published June 1, 2017.