TORONTO and GUELPH, Ontario
September 5, 2024
Drawbridge announced today it has completed the acquisition of MDM Insurance Services (“MDM”), a leader in third-party administration, adjudication, and pharmacy benefit management solutions for small and medium employers. Following the acquisition, MDM will continue to operate independently to preserve its distinct culture and trademark agility, while adding its pay-direct prescription drug technology to Drawbridge’s leading-edge benefits platform.
“Small businesses are the lifeblood of the Canadian economy, ” said Rian Sharpe, Drawbridge’s CEO. “MDM provides a formidable beachhead in this key growth vertical and equips Drawbridge with critical pay-direct and underwriting capabilities. Most importantly, MDM’s client-first approach aligns perfectly with Drawbridge’s mission of building innovative, best-in-class solutions that make a meaningful difference in the health, well- being, and retirement security of working Canadians. “I firmly believe Drawbridge is the right home for us,” said Marv Lubek, MDM’s CEO.
As part of The PBAS Group, with its trusted team of benefits experts and decades-long experience serving unionized members in the multi-employer trust sector, Drawbridge is uniquely positioned among technology companies to deliver the next-generation, member-centric health experiences Canadians are increasingly demanding. As costs continue to increase while improvements in outcomes stagnate, it’s the ideal time for MDM to join forces with Drawbridge to bring much needed innovation to the industry.
“We’re thrilled to join Drawbridge and the broader PBAS team,” said Joe Auger, MDM’s President and Chief Operating Officer. “Together, we will build for the future faster, energized by the exciting opportunities ahead, while delivering our retail clients and broker partners a revolutionary user experience in a fraction of the time.”
The acquisition advances Drawbridge’s long-term growth strategy, adds highly complementary products and services to The PBAS Group’s existing businesses, and bolsters Drawbridge’s ability to build digital tools and user experiences that positively drive downstream healthcare decisions. About MDM MDM is Canada’s only independent, fully integrated third-party administrator, third-party payor, and pharmacy benefit manager, acting as a one-stop shop for quotations, billings, claims adjudication and payment, booklet production, pay-direct solutions, high-cost and speciality drug diversion, and more.
For more information, please visit mdm-insurance.ca.
About Drawbridge Drawbridge makes pension and benefit plan management simple and straightforward with industry-leading administration, adjudication, and business intelligence software. Designed to foster deeper connections between plan sponsors, members, and healthcare providers through a unique blend of digital innovation and personalized service, Drawbridge enhances transparency, increases member engagement, and promotes better-informed decision-making. For more information, please visit drawbridge.ca.