Healthcare IT Software Company will Merge with API Healthcare, an Existing Francisco Partners’ Portfolio Company
SAN FRANCISCO--(BUSINESS WIRE)-- Francisco Partners, a leading technology-focused private equity firm, today announced the acquisition of Concerro through API Healthcare, an existing portfolio company that provides workforce management technology to the healthcare industry. Based in San Diego, Calif., Concerro is a provider of software-as-a-service (SaaS) staffing and scheduling systems for healthcare. Through this acquisition, API Healthcare will expand its market and accelerate its delivery of SaaS solutions.
“The acquisition of Concerro presents an opportunity for API Healthcare to expand into new markets, primarily smaller hospitals and clinics, and accelerate the path to SaaS for its workforce management technology,” said Petri Oksanen, a principal at Francisco Partners who focuses on investments in the software industry and serves on the board of directors of API Healthcare. “Concerro boasts high KLAS scores – a respected independent rating of healthcare technology – and we’re confident that together, the API Healthcare and Concerro teams will deliver solutions that help increase efficiencies and lower costs for the healthcare industry.”
The combination of API Healthcare’s integrated workforce management solutions with the accessibility of Concerro’s SaaS systems will provide more options for healthcare organizations. It will enable large health systems and small retail clinics alike to manage labor costs more efficiently without diminishing patient care.
“Concerro’s products and client base complement API Healthcare’s existing solutions and markets,” said J.P. Fingado, president and chief executive officer, API Healthcare. “Working together, we will accelerate innovation to help increase efficiencies and lower costs for the healthcare industry.”
The acquisition was completed on February 8, 2012. Financial terms of the transaction were not disclosed. Wells Fargo Securities, LLC acted as financial advisor to API Healthcare.
About Francisco Partners
Francisco Partners is a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses. With approximately $7 billion of capital raised to date, Francisco Partners pursues structured investments in technology companies, targeting investments in private companies, public companies and divisions of public companies, with transaction values ranging from $25 million to over $1 billion.
For further information, please visit: www.franciscopartners.com.
About API Healthcare
API Healthcare (www.apihealthcare.com) is the largest healthcare-specific vendor focused on workforce management solutions for the healthcare industry. Driven by the mission to elevate quality and performance across the healthcare community through innovative workforce solutions, API Healthcare has been dedicated to the healthcare industry for 30 years. The company’s staffing and scheduling, patient classification, human resources, payroll, time and attendance, business analytics, and staffing agency solutions are used by more than 1,600 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 ten years (2002-2011).
Concerro is a leading Software-as-a-Service (SaaS) company that helps health systems effectively manage their workforce and mission critical communications with online scheduling, open shift management, patient acuity and emergency preparedness solutions. The company combines strategic guidance and services with their full suite of clinical solutions including RES-Q, ShiftSelect and CommandAware. Concerro has won numerous awards and recognition, including being named to the prestigious Inc. 5000 for four consecutive years, and receiving Red Herring's 100 most promising private technology ventures in North America and Best of SaaS Showplace (BoSS) awards. The Company is based in San Diego, CA.
For Francisco Partners:
John Moore, 215-657-4971
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Technology Networks Software Health Hospitals Professional Services Human Resources