Covetrus ImproMed
“Can a veterinary practice-management software incumbent monetize its clinic footprint by embedding payments, patient financing, and recurring wellness subscriptions into its PIMS?”
Founded2019
HQPortland, Maine, United States
Latest roundTake-private acquisition, October 2022
Valuation~$4B enterprise value (2022)
IndustryVertical SaaS / Veterinary
The story
Covetrus was created in 2019 as the first tech-enabled veterinary practice-improvement company by combining Henry Schein Animal Health with Vets First Choice. After going private in a $4B CD&R/TPG take-private in 2022, the company has consolidated its practice-management software footprint (ImproMed, Avimark, Pulse, Ascend, RxWorks, VisionVPM) and layered embedded finance — Covetrus Payments (Stripe), CareCredit patient financing, and CarePlans wellness subscriptions — on top of the PIMS.
Last 12 months
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Product timeline
2019
Covetrus formed from Henry Schein Animal Health spin-off merger with Vets First Choice· pivot
2022
Taken private by Clayton, Dubilier & Rice and TPG at ~$4B enterprise value· acquisition
2023
Covetrus Payments launched (powered by Stripe) as integrated PIMS payment processing· banking
Same company
Covetrus ImproMed was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
2 layers disclosed in Covetrus ImproMed’s embedded-finance stack
Lending
in the full report
Accounting gap: minor
2 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.