Decision to end agreement reached after considering best interests of clients and associates
HARTFORD, Wis.--(BUSINESS WIRE)-- API Healthcare, the leader in healthcare-specific workforce management technology, today announced it intends to terminate its previously announced merger agreement with Kronos, Inc. The agreement between Kronos and API Healthcare was entered into in January and allows either party to terminate if regulatory approvals have not been received by mid-May. After considering the best interests of its clients and associates following the U.S. Department of Justice’s second request under the Hart–Scott–Rodino (HSR) Antitrust Improvements Act, API Healthcare determined that the best path forward is to pursue its standalone strategy, and has notified Kronos of its intention to exercise its termination right.
“This process has been challenging, but it has also reaffirmed that our vision for healthcare-specific workforce management is solid,” said J.P. Fingado, president and chief executive officer of API Healthcare. “During the HSR review process we heard the strong reaction of our healthcare provider clients from across the country as they spoke out with passionate support of our solutions, services and strategy.”
With nearly 30 years of healthcare-specific workforce management experience and installations in more than 1,000 client sites, API Healthcare has firmly established its presence as the leading workforce management technology solution for the healthcare industry. On average, labor represents 60 percent of a hospital’s operating costs. API Healthcare provides the technology that empowers its clients to increase quality of care while reducing operating costs through the optimization of their workforce.
“We look forward to continuing our mission to optimize healthcare-specific workforce management, which allows our clients to align their clinical and financial goals,” Fingado said. “We did not slow down our service and innovation initiatives during the past several months. We are still fully committed to delivering innovative healthcare-specific workforce management solutions that will result in better patient care and financial outcomes for our clients and the entire healthcare industry.”
“When we acquired API Healthcare two years ago, we saw the opportunity for long-term growth of a great healthcare-specific workforce management technology company,” said Ezra Perlman of Francisco Partners. “While the merger offer from Kronos certainly validated API Healthcare’s strong value proposition, Francisco Partners is looking forward to continuing to provide strong support to the API Healthcare management team and associates as they continue on their aggressive growth path as an independent company.”
About API Healthcare
API Healthcare is the largest healthcare-specific vendor of workforce management solutions to the healthcare industry. The company’s staffing and scheduling, patient classification, human resources, recruiting, payroll, time and attendance, business analytics and staffing agency solutions are used by more than 1,000 hospitals and staffing agencies. Founded in 1982, API Healthcare has been rated by KLAS® in the Top 20 Best in KLAS Awards Report (www.KLASresearch.com) as the top time and attendance provider system for the last nine years (2002-2010). More information can be found at www.apihealthcare.com.
Samantha Ehley, 262.670.2714
KEYWORDS: United States North America Wisconsin
INDUSTRY KEYWORDS: Technology Data Management Software Health Hospitals Nursing