Private equity firms have been increasingly interested in healthcare transactions since sweeping legislation passed by the Obama Administration was enacted to incorporate more Americans into the U.S. healthcare system. However, this time, it was federal regulators that seem to have acted as a catalyst to undo a deal. After the Justice Department detailed antitrust concerns, Kronos, backed by Hellman & Friedman and JMI Equity, the company backed off its agreement to acquire API Healthcare from Francisco Partners.
CHELMSFORD, Mass.—Kronos Incorporated today announced that it has formally terminated its previously announced agreement to acquire API Healthcare Corporation from Francisco Partners.
“We are more confident than ever that we now have, and will continue to have, the best and most innovative workforce management solutions in the healthcare industry.”
“We remain committed to executing our business plan of leadership by making significant investments in innovative workforce management solutions that are designed to help healthcare organizations deliver superior patient care while controlling labor costs,” stated Aron Ain, chief executive officer of Kronos®. “We are more confident than ever that we now have, and will continue to have, the best and most innovative workforce management solutions in the healthcare industry.”
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.