Originally published by Mainebiz.
Covetrus and the cloud
Covetrus, a private equity-backed provider of animal-health technology and services, is also in growth mode. The company, founded as Vets First Choice in 2010, employs 5,700 people, including 277 in Maine.
Two focus areas are online prescription management and Covetrus Pulse, the industry’s first cloud-based veterinary operating system used by more than 3,000 practices in North America.
Over the past year, Covetrus has continued to advance the platform in areas vet practices need the most, including tackling staff management and workflow challenges and strengthening client communication, according to Matt Yordy, president of Covetrus North America.
“Covetrus estimates veterinarians who use Pulse could schedule an additional 200 to 250 appointments per veterinarian each year, increasing revenue for the practice,” Yordy says. “In addition, more than 40% of Pulse users are accessing the system on a mobile device, further streamlining operations for vet practices and pet parents alike.”
Maine Technology Institute was an early investor, providing a $12,500 grant in 2008 to a two-person entity at that time made up of Benjamin and David Shaw.
“Follow-on debt and bond-funded infusions in the years that followed helped the firm grow exponentially,” says MTI President Brian Whitney. “Just 14 years after conceiving its innovative idea and receiving its initial funding from MTI, the company truly emerged as a unicorn.”
Earlier this year, Covetrus opened a distribution center in Ocala, Fla., to furnish veterinarians in several southern states, as well as the Caribbean and U.S. military bases in Europe, with more than 5,000 product offerings to manage their practices as well as medicines made by Covetrus and others.
The 62,500-square-foot-plus Ocala facility includes a drive-through option for mobile vets, as well as same-day and scheduled deliveries.
“Given the extensive equine presence in the southeast, the company has seen increased demand for products in this category,” Yordy says. “This expanded facility also allows for greater inventory depth and operational efficiencies, as well as future operational growth.”
Asked whether there’s room for more animal health startups in Maine, he says, “Absolutely. The animal health industry is a vital and robust part of Maine. There is always room for startups passionate about veterinarians and the animals they care for.”
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