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In 1999, McKesson Corporation bought healthcare software company HBO & Company (HBOC) for $14.5 billion.
HBOC supplied hospitals and medical offices with patient record systems and insurance processing software.
The acquisition aimed to strengthen McKesson's position in medical technology—shifting towards digital records.
Within two years, investigators discovered accounting fraud at HBOC.
The revelation forced McKesson to revise its financial statements and led to criminal charges against HBOC executives.
In 2006, McKesson invested $980 million to acquire two healthcare technology companies: Per Se Technologies ($500M) and RelayHealth ($480M).
Per Se provided financial automation tools, while RelayHealth offered patient-provider communication platforms.
The acquisitions expanded McKesson's healthcare IT portfolio.
In 2007, McKesson bought Practice Partner, a medical software company, for $150 million.
The purchase added Practice Partner's physician office tools—scheduling, billing, and medical records software—to McKesson's existing systems.
It also helped it reach into small and mid-sized medical practices while complementing its larger enterprise solutions.
In 2010, McKesson bought US Oncology for $2.16 billion, adding 1,400 cancer doctors who treated 750,000 patients yearly across the U.S.
The acquisition merged McKesson's hospital and IT systems with US Oncology's cancer care network.
In late 2013, McKesson acquired 50% ownership of Celesio, a German healthcare distributor, for $8.3 billion.
Celesio managed pharmaceutical distribution networks and owned pharmacies across Europe, mirroring McKesson's North American operations.
This purchase gave McKesson direct access to Europe's healthcare market.
In 2016, McKesson merged its IT division with Change Healthcare, combining medical software and revenue cycle tools.
The merger aimed to create a dominant healthcare technology company but struggled with integration challenges.
In 2020, after four years, the companies separated.
In 2016, McKesson bought Rexall Health from Katz Group for $3 billion.
The deal added 500 Canadian pharmacies to McKesson's network, plus wholesale distribution to 1,300 other locations.
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