Francisco Partners’ Portfolio Company API Healthcare Acquires Concerro
Press Releases — Feb 08, 2012
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 API HEALTHCARE
Founded in 1982, API Healthcare has been rated by KLAS in the Top 20 Best in KLAS Awards Report as the top time and attendance provider system for the last eleven years (2002-2012).