Kronos Inc., a global management software provider, announced today it has purchased API Healthcare, a Hartford-based developer of software management solutions to the healthcare industry.
The terms of the agreement were not disclosed.
API Healthcare is currently owned by Francisco Partners, a private equity firm with offices in San Francisco and London.
William Blair & Company, LLC is acting as financial advisor to API Healthcare.
The combined company will allow offering existing and new customers a stronger and broader array of human capital management solutions for the healthcare industry.
According to a press release, all API Healthcare employees will be integrated with Kronos.
“This is a great opportunity to join the Kronos team and work together to drive additional value for our customers’ rapidly evolving needs,” said J.P. Fingado, president and CEO of API Healthcare. “Kronos is dedicated to our commitment to innovation and customer support, and we look forward to this exciting new chapter for API Healthcare.”
“This acquisition is great news for Kronos and API Healthcare customers, as well as the entire healthcare industry,” said Aron Ain, Kronos’ chief executive officer. “Together we will leverage our complementary strengths to help organizations deliver high-quality patient care while maintaining tight control over labor costs.”