Kronos Signs Agreement to Acquire API Healthcare
CHELMSFORD, Mass., Feb. 7, 2011 — Kronos Incorporated today announced that it has entered into a definitive agreement to acquire API Healthcare Corporation from Francisco Partners. Closing of the transaction is subject to regulatory approval and customary closing conditions.
- Headquartered in Wisconsin and founded in 1982, API Healthcare is an innovative provider of human capital management solutions optimized exclusively for the healthcare market.
- Kronos® and API Healthcare share a common commitment to help organizations deliver high- quality patient care by controlling labor costs, minimizing compliance risk, and improving workforce productivity.
- The combined company will offer existing and new customers a stronger and broader array of human capital management solutions for the healthcare industry. For example, Kronos customers will gain access to API Healthcare's innovative patient classification software, while API Healthcare customers can leverage Kronos’ industry-leading healthcare analytics solution.
- In order to continue to provide API Healthcare customers with the high quality of service that they have experienced, key API Healthcare employees and resources will be retained.
- Aron Ain, chief executive officer, Kronos
"This acquisition is great news for Kronos and API Healthcare customers, as well as the entire healthcare industry. Together we will leverage our complementary strengths to help organizations deliver high-quality patient care while maintaining tight control over their labor costs."
- J.P. Fingado, president and chief executive officer, API Healthcare
"This is a great opportunity to join the Kronos team and work together to drive additional value for our customers' rapidly evolving needs. Kronos is dedicated to our commitment to innovation and customer support, and we look forward to this exciting new chapter for API Healthcare."
- William Blair & Company acted as exclusive financial advisor to API Healthcare.
About Kronos Incorporated
Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 60 countries — including more than half of the Fortune 1000® — use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.
About API Healthcare
API Healthcare is an innovative provider of software management solutions to the healthcare industry. The company's suite of products are designed to automate staffing and scheduling, patient classification, human resources, recruiting, payroll, and staffing agencies. More information can be found at www.apihealthcare.com.
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