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Pharma traceability company will expand global presence
rfXcel, one of the IT companies that has been developing software to address serialization and traceability tasks in pharma distribution, has received a capital injection from Kayne Partners, a private equity firm that is part of Kayne Anderson Capital Advisors (Los Angeles).
rfXcel says that the investment will be used to expand the company’s presence in the Americas, Europe, the Middle East and Asia Pacific; to extend its “successful” Internet of Things (IoT) partnership with Verizon, and to accelerate delivery of its supply chain solutions. The company announced a next-generation traceability platform in 2016, employing private cloud technology, and now including options specifically for dispensers and retailers. “Our mission is to protect patients and combat the illegal counterfeit pharmaceutical market and this capital provides us with the means to broaden our reach in this battle,” said Glenn Abood, co-founder and CEO of rfXcel.
rFXcel is one of a handful of IT companies active in the pharma serialization field in the mid-2000s that has survived into the post-2013 DSCSA world (when the Drug Supply Chain Security Act was passed). (The company also does some work in the food and beverage supply-chain world.) It claims “tens of thousands” of users within its rfXchange track-and-trace network of pharma manufacturers, distributors and dispensers.