API Software Inc., a Hartford-based software provider specializing in labor management for health care, will be acquired by Francisco Partners II LP, a San Francisco-based private equity firm specializing in technology-related companies.
Terms of the acquisition were not disclosed. API has about 300 employees in Hartford.
Luis Garcia, chief executive officer and founder of API, will retire when the transaction is completed. Iris Garcia, his wife and API’s chief financial officer, also will retire. They are the only employees of API’s workforce of 300 that will be affected by the acquisition, the company said.
"I am very proud of API’s consistent growth for over 25 years," Garcia said. "We have built a strong culture focused on service and for many years have been recognized as the category leader in time and attendance by KLAS the healthcare industry’s leading rating company. I believe the future is very promising for API and I wish the team all the best."
When the acquisition is finalized, J.P Fingado will become API’s new CEO and president. Fingado has more than 18 years of senior experience with healthcare information technology companies, and will move to the Hartford area from Kansas City.
For more information, visit www.apisoftwareinc.com.