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Francisco Partners announces sale of AdvancedMD to ADP

Private equity firm Francisco Partners (FP) has announced the sale of AdvancedMD Software, Inc (AdvancedMD) to Automatic Data Processing, Inc. (ADP). The transaction closed on February 28, 2011. Terms of the transaction were not disclosed.

“The AdvancedMD team has done a terrific job of building out their innovative, cloud-based offering to provide a complete medical practice optimization solution to thousands of physicians across the country which has resulted in very strong growth for the business,” says Ezra Perlman, a partner at Francisco Partners and head of its healthcare information technology investing practice.

AdvancedMD is a leading provider of cloud-based solutions for practice management, electronic health records, and revenue cycle management. Based in Salt Lake City, Utah with approximately 200 employees, AdvancedMD’s solutions are utilised by more than 10,000 physicians in 4,100 practices and over 300 regional billing partners across the United States.

Jefferies & Co was AdvancedMD’s exclusive financial advisor in the transaction and Shearman & Sterling LLP was AdvancedMD’s exclusive legal advisor.

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