API Software, Inc. to be Acquired by Francisco Partners

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Francisco Partners, a San Francisco-based buyout firm, has agreed to purchase API Software, a Wisconsin-based labor management software company serving the health care industry, for an undisclosed price. The deal is expected to close in 30 days.

Press release:

API Software, Inc. (www.apisoftwareinc.com), the leading provider of labor management solutions for healthcare, announced the signing of a definitive agreement to be acquired by Francisco Partners II, L.P., a leading technology-focused private equity firm based in San Francisco. The transaction is expected to close within approximately 30 days, following the satisfaction of customary closing conditions. The exceptional solutions and premier client satisfaction provided by API combined with the opportunity for growth in the healthcare human resource market are the foundations for Francisco Partners’ investment.

“API has demonstrated a solid record of growth in the Healthcare marketplace while maintaining excellent client satisfaction,” said Ezra Perlman, Partner at Francisco Partners. “We intend to leverage this success to allow API to accelerate its growth and solidify its leadership position in the healthcare human resource market.”

“API has been led from its inception by Luis Garcia. His leadership produced API’s current success,” said Perlman. “We are grateful for what he has done for the Company, and we wish him well in his future endeavors.”

“I am very proud of API’s consistent growth for over 25 years,” said Luis Garcia, Founder and CEO of API. “We have built a strong culture focused on service and for many years have been recognized as the category leader in time and attendance by KLAS the healthcare industry’s leading rating company. I believe the future is very promising for API and I wish the team all the best.”

The President and Chief Executive Officer role will be assumed by J.P. Fingado upon the closing of the transaction. Mr. Fingado has more than 18 years of senior level healthcare information technology experience including President and Chief Operating Officer of Dynamic Healthcare Technologies, a publically traded company. Dynamic Healthcare Technologies was acquired by Cerner Corporation (NASDAQ: CERN) in 2001 and Mr. Fingado held several executive level positions accountable for sales, operations, research and development during his six year tenure with Cerner.

“I am extremely excited about the opportunity that exists for API and I look forward to officially joining the team. API has done a great job consistently meeting the needs of clients over the life of the Company,” said J.P. Fingado, incoming President and CEO. “We are committed to driving new innovations and increasing our market presence through our web-based solutions. With 60% of a healthcare organization’s cost related to labor, API’s solutions have a significant impact and are viewed as critically important by healthcare providers’ senior management and boards.“

About API Software, Inc.
API Software, Inc. is a leading provider of time and attendance, staffing and scheduling, patient classification, payroll, human resource, productivity management, education tracking and access control software for healthcare organizations. Founded in 1982, API has more than 500 installations in the United States, with clients ranging in size from 500 employees to more than 30,000 employees. The Company’s Payrollmation® product is a 2002 Best in KLAS Performance award recipient in the specialty niche category, and continues to be the top-rated time and attendance system in 2003, 2004, 2005, 2006 and 2007. API is a CHIME Foundation Member and a Microsoft® Gold Certified.