Private equity firm Francisco Partners has acquired Concerro through API Healthcare, an existing portfolio company that provides workforce management technology to the healthcare industry.
Based in San Diego, California, 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," says 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 organisations. 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," says JP 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 8 February, 2012. Financial terms of the transaction were not disclosed. Wells Fargo Securities, LLC acted as financial advisor to API Healthcare.
