API Healthcare Corp., a Hartford-based developer of software management solutions to the healthcare industry, will be acquired by Kronos Inc., a global management software provider.
API Healthcare is currently owned by Francisco Partners, a private equity firm with offices in San Francisco and London. Terms of the acquisition were not immediately available.
API Healthcare’s employees and resources will be retained, according to a Kronos news release. The combined company will offer its customers a larger range of human capital management solutions to the healthcare industry – Kronos’ customers will gain access to API’s patient classification software, while API’s customers will gain access to Kronos’ healthcare analytics solutions.
“This is a great opportunity to join the Kronos team and work together to drive additional value for our customers’ rapidly evolving needs,” said J.P. Fingado, president and CEO of API Healthcare. “Kronos is dedicated to our commitment to innovation and customer support, and we look forward to this exciting new chapter for API Healthcare.”
“This acquisition is great news for Kronos and API Healthcare customers, as well as the entire healthcare industry,” said Aron Ain, Kronos’ chief executive officer. “Together we will leverage our complementary strengths to help organizations deliver high-quality patient care while maintaining tight control over labor costs.”
Chicago-based William Blair & Co. acted as financial advisor to API Healthcare in the transaction.
