Model N, a Redwood City, California company that sells revenue management and compliance software to drug and medical device makers, announced on June 17, 2026 that it had acquired Kalderos, a Chicago company whose software tracks drug discounts at the level of individual claims.
The price and other terms were not disclosed. Kalderos and its Truzo platform will become part of Model N, which said the deal would extend its offerings for the federal 340B drug discount program and for gross-to-net revenue management, the process drugmakers use to account for the gap between list prices and what they are actually paid.
J.P. Morgan Securities acted as exclusive financial adviser to Kalderos and Cooley as its legal counsel. Kirkland & Ellis advised Model N.
What Kalderos built
Kalderos was founded in 2016. Its Truzo platform pulls claims-level data from the 340B program, Medicare, Medicaid and commercial programs into one system, so manufacturers can see which discounts have been claimed, by whom and on what basis. The company says the platform is built on analysis of billions of dollars in drug purchases and discounts.
Truzo is used for compliance monitoring, claim validation and dispute resolution between manufacturers and the hospitals and clinics that receive discounts. A central use is spotting duplicated federal drug discounts earlier, which Model N tied to reducing revenue leakage.
In earlier years the company described its product as a set of tools for reviewing suspected duplicate discounts, letting providers request discounts at the point of sale and letting manufacturers and providers exchange payments on one platform. In 2020 it said it connected 10 drug manufacturers with more than 2,500 providers in all 50 US states, and that its software had identified about $100 million in duplicated discounts over the previous year.
“Kalderos was built to give manufacturers a transparent, claims-level view of 340B activity, helping them proactively identify non-compliance and reduce revenue leakage.”
Why Model N is buying
340B requires drug manufacturers to sell outpatient drugs at reduced prices to eligible safety-net hospitals and clinics. Model N described it as a core and growing part of the gross-to-net value chain, at a time when manufacturers are also dealing with Medicare drug price negotiations, possible most-favored-nation pricing models and closer scrutiny of 340B claims data.
Model N's 2026 State of Revenue Report found that only 1% of life sciences revenue leaders had real-time visibility into 340B discounts, Medicaid and Medicare rebates and utilization rebates. The company said Kalderos's data would help manufacturers find duplicate discounts earlier, cut revenue leakage and feed its analytics products.
Model N said the combined product would link contracting, claims validation and dispute and payment processes, so customers can act on discount problems with supporting data. Chief executive Bret Connor said the deal gives customers a single, integrated way to manage complex drug pricing programs as rebate rules and 340B data demands grow.
The funding and the team
Kalderos raised a $7 million Series A from Mercato Partners in May 2019, when it had 14 employees. In June 2020 it raised a $28 million Series B led by Bain Capital Ventures, with Mercato Partners participating, bringing its total funding to more than $35 million. At that point it had about 60 employees. Later funding, if any, was not disclosed in coverage of the deal.
Jeremy Docken led the company as chief executive at the time of those rounds. At the time of the sale its chief executive was Angie Franks, who said that by joining Model N, Kalderos was bringing its capabilities into a revenue management platform already trusted by leading drugmakers.
What it adds to Model N
Model N has worked in life sciences commercialization, revenue and compliance for more than 25 years. It says its software is used by more than 150 companies in more than 120 countries, and in April 2026 it said it manages $1.3 trillion in gross revenue for pharmaceutical and medical technology customers.
The company said Kalderos and Truzo would gain access to Model N's scale, customer relationships and commercial infrastructure. Neither company said whether Truzo would keep its brand or how many Kalderos employees would join Model N.
