Benzinga | Jul 21, 2021 04:54PM EDT

UPDATE: SS&C Technologies Says As Of Jul. 15 Holds 80.2% Interest In DomaniRx

On July 15, 2021 (the "Effective Date"), SS&C Technologies, Inc. (the "Company"), Anthem, Inc. ("Anthem"), and Humana Inc. ("Humana"), entered into a joint venture, named DomaniRx, LLC (the "Joint Venture"), to develop a contemporary, cloud-native platform to support the operation of a full service pharmacy benefits manager (the "PBM Platform"). As of the Effective Date, the Company holds an 80.2% interest in the Joint Venture and Humana and Anthem each hold a minority interest in the Joint Venture.

The parties have committed up to an aggregate of approximately $925,000,000, in the form of cash, property and/or services, to support the Joint Venture's development project. This amount includes $138,300,000 in initial cash contributions, certain assets of the parties including a non-exclusive license to the Joint Venture of the Company's claims processing platform known as RxNova(tm), an assignment to the Joint Venture of a services agreement the Company has with Humana, upon the receipt of all approvals by the Joint Venture, and up to approximately $400,000,000 in cash, other property interests and/or services, under certain circumstances set forth in the Joint Venture arrangements among the parties. The Joint Venture's development work, in addition to the day-to-day management of the Joint Venture, the performance of the Humana services agreement and the provision of certain shared services, will be performed, initially, by the Company and its affiliates under subcontract with the Joint Venture in exchange for market-based fees.

In addition, under the Joint Venture arrangements, the Company is entitled, in exchange for the payment of market-based fees under certain circumstances, to a license back from the Joint Venture of any improvements made to the RxNova(tm) platform during the course of the development project, and each of Anthem and Humana have the right, under certain circumstances, including any failure to successfully implement the PBM Platform in accordance with an agreed timeline and certain other factors, to exit the Joint Venture and receive, in connection with any such exit, a license to the PBM Platform.