Covetrus Pulse
“Can a vet-supply distributor become the operating system — and payments rail — for every veterinary practice?”
Founded2019
HQPortland, Maine, United States
Latest roundTake-private acquisition by CD&R and TPG (2022)
Valuation$4B (2022 take-private)
IndustryVertical SaaS / Veterinary
The story
Covetrus was formed in 2019 by merging Henry Schein's animal-health distribution business with Vets First Choice (a home-delivery prescription platform) to create a global vet-practice technology and supply company. Pulse — its cloud-native veterinary operating system (vOS) — has become the strategic center: a workflow, PIMS, payments, and now AI layer for ~17,000 practices. Taken private by CD&R and TPG in 2022, Covetrus is now doubling down on embedded payments (Worldpay, Stripe, CareCredit) and AI-driven productivity as the monetization surface on top of its distribution business.
Last 12 months
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Product timeline
2019
Covetrus formed via merger of Henry Schein Animal Health and Vets First Choice; listed on Nasdaq (CVET).· ipo
2022
NewDay Veterinary Care adopts Covetrus Pulse as its cloud-based vOS.· product_launch
2022
Taken private by CD&R and TPG.· acquisition
2025
Covetrus AI launched inside Pulse (SOAP note automation, scribe, pre-visit summaries).· product_launch
Same company
Covetrus Pulse 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 Pulse’s embedded-finance stack
Lending
in the full report
Accounting gap: significant
2 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.