RxAdvance will be doubling its workforce, expanding into additional offices in Southborough.
Southborough’s home-grown RxAdvance is planning to expand its operations in town by taking up considerable additional office space at 136 Turnpike Road. The building, vacated by Olympus Corp., will enable RxAdvance to more than double its staff size to about 500 workers. The company plans to move into the 80,000 sq ft office building by the end of July.
RxAdvance is currently located in a roughly 30,000-square-foot space at 2 Central Park Drive. The company provides pharmacy benefit management technology to health plans, exchanges, state Medicaid programs, employer groups and accountable care organizations, or ACOs.
Mr. Ravi Ika formed the company in 2013 and expects revenue this year to top $2 billion. Among its major investors are Walgreens and Centene, a Missouri-based health plan manager, both of which formed a strategic partnership with RxAdvance last fall for what they called a new model for pharmacy management.
Mr. Ika is also the founder of Ikasystems which was sold to Blue Cross Blue Shield of Michigan in 2015.