Francisco Partners has sold API Healthcare to General Electric
Client: Francisco Partners II, LP
Client Location: United States
Target: API Healthcare
Target Location: United States
Acquirer: General Electric Company
Acquirer Location: United States
Target Description: API Healthcare is a provider of healthcare-specific workforce management solutions.
The Deal
API Healthcare had previously entered into agreement to be acquired by Kronos, only to have the Department of Justice block the transaction. API’s strategic landscape included a diverse array of buyers, many of whom are not traditional software acquirers (e.g., General Electric [GE]), who required more time in the process to educate themselves on the software opportunity.
Our Perspective
“We were delighted to be involved in the evolution of an industry leader such as GE as they embark on an ambitious new software and industrial internet strategy,” said Clark Spurrier, Managing Director at Lincoln. “Healthcare is a strategic vertical for us, and software companies that serve the industry are perfectly suited for our strategic audit, given the fragmentation in the sector and the consequent need for patient education of a broad and diverse group of potential buyers.”
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