This appears to be the Philadelphia’s region’s biggest health IT IPO in recent memory. Other Knowlton in-laws that hold executive positions include Michael Ristagno (Senior Vice President of Client Services) and Robert Omlor (Senior Director of Client Services). Filippoli’s husband, Joseph Filippoli, who used to be the director of information management for the Children’s Hospital of Philadelphia, is Tabula’s Chief Information Officer. Their son, Jeffrey Knowlton, is the director of business intelligence and their daughter, Dana Filippoli, is the director of marketing and communications. The company’s family ties go further than Cal and Orsula, according to the SEC filing. His boat, moored down the shore, is named Tabula Rasa. in pharmaeconomics from the University of Maryland Baltimore. (The state, under the Rendell admininstration, gave excelleRx $3.8 million in incentives to grow in Philadelphia.)īorn and raised in New Jersey, Cal Knowlton went to Temple for undergrad and got his master’s in divinity (?!) from Princeton. The company, backed by local private equity firm LLR Partners, had 300 employees locally and 500 nationally when it sold, according to an Inquirer report. The couple ran Center City pharmacy services company excelleRx - Cal was founder and CEO and Orsula was Chief Marketing Officer, and sold it to Omnicare for $268.8 million in 2005. CareKinesis scored a Drug Enforcement Agency approval for its e-prescribing platform last November. Their revenues saw a 45 percent jump in 2015, comparing revenues over the first three quarters of 2015 to the same period in 2014.
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The company made $48.4 million in revenue in 2014, a 93 percent jump over revenue in 2013, according to the filing. They plan to open a 75,000-square-foot office in Moorestown in the spring of 2016, and they’re committed to New Jersey: last year, the state gave Tabula up to $9.69 million in tax credits over 10 years to keep them from moving to Philadelphia. (It’s not clear how many staffers work out of the Moorestown office.) Aside from their 15,000-square-foot Moorestown headquarters, which also has a pharmacy, Tabula has five offices across the country, including in Boulder, Colo., and San Francisco, Calif., where they also have pharmacies.
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They also have a 29-person software development staff. The company employs 182, the majority of which are customer support staff, according to the filing.
Tabula Rasa did not respond to a request for comment and Rittenhouse Ventures’ Saul Richter declined to comment, citing SEC regulations. Morgan Lewis’s Steve Goodman declined to comment, citing SEC regulations. The company is represented by Morgan Lewis, according to the filing. Investors can’t sell their shares for 180 days after the public offering, according to the filing. Radius Ventures, a New York firm, is also an investor. Tabula’s investors include local firms like Navy Yard-based Rittenhouse Ventures and Bethlehem, Pa.-based Originate Ventures. Its customers are healthcare organizations that serve those on Medicare and Medicaid. Focusing on the elderly, CareKinesis’ “e-prescribing” software aims to reduce hospitalizations by optimizing medications. If the name Tabula Rasa doesn’t ring a bell, their company CareKinesis might.
That’s just over the median IPO offering size in the U.S. The husband and wife pair founded Tabula Rasa, the Moorestown, N.J., health IT company that filed for a $115 million initial public offering yesterday, according to an SEC filing. Cal and Orsula Knowlton might just boost the Philly region’s health IT sector onto a national stage.
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