CVS Acquires Soma.com, Becoming the First Major Drugstore to Offer Complete Online Pharmacy Service
CVS Corporation, the nation's largest provider of prescriptions and leading drugstore chain, has made a significant move by acquiring Soma.com, a Seattle-based online pharmacy. This acquisition cements CVS's position as the first major drugstore to offer a complete online pharmacy service, marking a major milestone in the industry. With the purchase of Soma.com, CVS gains a solid platform to reach new customers and expand as a national pharmacy brand, solidifying its leadership in the market.
Key Takeaways:
- CVS has acquired Soma.com, a Seattle-based online pharmacy, for a transaction value of $30 million, marking the first major drugstore to offer a complete online pharmacy service.
- The acquisition provides CVS with a solid platform to reach new customers and expand as a national pharmacy brand, capitalizing on the name recognition associated with its over 4,000 CVS stores and 55 million customers.
- CVS plans to enhance the Soma.com website, adding functionality, product offerings, and healthcare information to provide customers with a total healthcare solution.
- Tom Ryan, Chairman & CEO of CVS Corporation, emphasized the goal of providing customers with a comprehensive healthcare solution for all their prescription and healthcare needs.
- CVS is the largest provider of prescriptions in the nation and the leading drugstore chain in terms of store count, with operations in the Northeast, Mid-Atlantic, Southeast, and Midwest regions.
- CVS has a loyalty program with over 12,000 pharmacists serving its 55 million customers.
Statistics:
- Acquisition value: $30 million
- Number of CVS stores: over 4,000
- Number of CVS pharmacists: 12,000
- Number of CVS customers: 55 million
- Number of regions served by CVS: Northeast, Mid-Atlantic, Southeast, and Midwest
Sources:
- Business Wire: "Move Makes CVS the First Major Drugstore to Offer Complete Online Service"
- CVS Corporation: Press Release (June 7, 1999)