One-time Canadian darling SXC Health Solutions is parting ways with the name that ties the company to its Canadian roots.
Originally based in Milton, Ontario, the company moved its head offices to Chicago years ago and has since become a big U.S. player. From there, the company struck a number of takeovers, and following its latest $4.4-billion (U.S.) deal, the company will go by Catamaran.
Yet the firm isn’t completely parting ways with its Canadian connection. It still has operations here, and Catamaran will remain listed on the Toronto Stock Exchange under the symbol CCT.
By combining with Catalyst Health Solutions this spring, SXC became a giant U.S. player in the market for managing corporate and government prescription drug claims. Combined, the two companies have estimated annual revenues of $13-billion and will serve 25 million members.