Francisco Partners said late Tuesday that it has sold AdvancedMD Software to Automatic Data Processing. The deal closed Feb. 28. No financial terms were disclosed. Jefferies & Co. provided financial advice to AdvancedMD.
Francisco Partners (FP), a leading global private equity firm focused exclusively on technology investments, today announced the sale of AdvancedMD Software, Inc. (AdvancedMD) to Automatic Data Processing, Inc. (ADP). The transaction closed on February 28, 2011. Terms of the transaction were not disclosed.
“The AdvancedMD team has done a terrific job of building out their innovative, cloud-based offering to provide a complete medical practice optimization solution to thousands of physicians across the country which has resulted in very strong growth for the business,” said Ezra Perlman, a partner at Francisco Partners and head of its healthcare information technology investing practice.
AdvancedMD is a leading provider of cloud-based solutions for practice management, electronic health records, and revenue cycle management. Based in Salt Lake City, Utah with approximately 200 employees, AdvancedMD’s solutions are utilized by more than 10,000 physicians in 4,100 practices and over 300 regional billing partners across the United States.
Jefferies & Co. was AdvancedMD’s exclusive financial advisor in the transaction and Shearman & Sterling LLP was AdvancedMD’s exclusive legal advisor.
About Francisco Partners
Francisco Partners is a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses. With approximately $7 billion of capital raised to date, Francisco Partners pursues structured investments in technology companies, targeting investments in private companies, public companies and divisions of public companies, with transaction values ranging from $25 million to over $500 million. For additional information, visit www.franciscopartners.com.