Hartford-based API Healthcare Corp. has agreed to be acquired by Houston-based symplr, the companies announced today. The transaction is expected to close in the first half of this year.
API develops software used to track time and attendance, handle staffing and scheduling, classify patients, manage HR and payroll, and review analytics at more than 375 health systems and hospitals. The company is being sold by New York-based private equity firm Veritas Capital, which purchased it last year from GE Healthcare in a larger $1 billion deal. API is based in a 74,000-square-foot headquarters at 1550 Innovation Way in Hartford. As of August 2018, it had about 200 employees.
symplr is a SaaS platform that helps health care systems manage governance, risk and compliance processes, including vendor and sales rep credentialing and provider management. It was acquired by Santa Monica, California-based private equity firm Clearlake Capital Group L.P. last year.
Clearlake and symplr declined to comment on current employee counts at API or symplr, or indicate whether any employment or facilities changes are expected as a result of the transaction.
"We are very excited to be joining the symplr family," said Bill Christy, chief executive officer of API, in a statement. "The combination of our organizations positions us well to continue to drive meaningful outcomes for our customers across the health care market."
"This is a transformational acquisition that further expands our health care software footprint and broadens our SaaS offerings by strengthening symplr's existing (governance, risk and compliance) platform and adding new workforce management capabilities," said Rick Pleczko, CEO, and Tres Thompson, chief operating officer and chief financial officer of symplr, in a statement. "Together with API, symplr will continue to pursue the mission of providing software solutions that help health care organizations meet regulatory compliance requirements and increase operational efficiency. This is a powerful combination for our customers, partners and team."
Milwaukee-based Robert W. Baird & Co. Inc. advised symplr and Clearlake in the transaction. API and Veritas Capital were advised by William Blair & Co. Antares Capital, Bain Capital Credit, Golub Capital, Adams Street Partners and New Mountain Finance Corp. provided financing for the transaction. The transaction price was not disclosed.