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)