Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced today that its U.S. animal health business, Henry Schein Animal Health, has completed the purchase of 80.1 percent interest in Vetstreet, Inc., a leading software as a service (SaaS) provider of marketing solutions and health information analytics to veterinary practices and animal health product manufacturers. The transaction was announced on November 2, 2015.
Founded in 2008 and headquartered in Yardley, PA., Vetstreet offers veterinary practices a fully integrated suite of online and offline products and services that improve veterinary practices' ability to communicate with pet owners for their pet needs and enhance compliance with wellness visits. Vetstreet had sales in 2014 of approximately $43 million. The remaining minority interest in Vetstreet will continue to be owned by VCA Inc. (NASDAQ: WOOF).
"We warmly welcome Vetstreet founder and President, Derrick Kraemer, who will continue to lead the Vetstreet business, and the approximately 100 members of Vetstreet to Team Schein," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein, Inc. "The addition of Vetstreet is a wonderful complement to our animal health business, and our animal health practice solutions offerings, AVImark and ImproMed. We look forward to continued collaboration with our partner, VCA, as we grow the Vetstreet business."
Vetstreet's services create a continuity of communication with pet owners that builds customer loyalty, improves care through better compliance and improves the health of veterinary practices. With more than three million unique monthly visitors, Vetstreet's consumer-facing website, Vetstreet.com, includes a wide variety of features designed to connect pet owners with the veterinarian for their pet needs, including pet-related education, training and wellness content.
"We are pleased to partner with Henry Schein," said Bob Antin, Chief Executive Officer, President and Chairman, VCA. "We have confidence that Henry Schein will enhance and expand the capabilities that Vetstreet offers to build bridges between veterinarians and their clients."
Vetstreet, headquartered in Yardley, PA, offers integrated online and offline educational products, communication programs, and custom designed marketing solutions for veterinary professionals seeking to influence pet owner behavior in a medically appropriate and measurable way. Vetstreet's automated marketing and communications provide pet owners with highly personal, relevant, and timely communications that enhance the bond with their veterinarian and results in improved compliance and increased revenue for the practice.
Vetstreet's primary product offering is complemented by three consumer centric products: HealthyPet Magazine, an educational and fun magazine targeted to pet owners, delivered as part of a premier healthcare reminder system that also features postcard reminders; Vetstreet's custom manufacturer marketing programs and professional services that can include incentives to pet owners and provides data analytics back to the practice with measurable results; and Vetstreet.com, one of the fastest growing online pet owner destinations dedicated to providing the most trusted, authoritative information available to keep pet owners informed about a wide variety of pet health-related news. Vetstreet.com is part of the largest media networks in the country, and offers marketers an ability to connect their brands to millions of pet owners within the most credible consumer-focused website in the animal health marketplace.
Henry Schein, Inc. (NASDAQ:HSIC) is the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners. The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites. A Fortune 500 Company and a member of the S&P 500 and the NASDAQ 100 indexes, Henry Schein employs more than 18,000 Team Schein Members and serves more than one million customers. The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 100,000 branded products and Henry Schein private-brand products in stock, as well as more than 150,000 additional products available as special-order items. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services. Headquartered in Melville, NY, Henry Schein has operations or affiliates in 33 countries. The Company's sales reached a record $10.4 billion in 2014, and have grown at a compound annual rate of approximately 16 percent since Henry Schein became a public company in 1995. For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein and @HenrySchein on Twitter.